Qualcomm ventures to invest Rs 730 crore in Reliance’s Jio Platforms

India’s Reliance Industries said on Sunday Qualcomm Inc’s investment arm will buy a 0.15{b1ee4ac4d8d7b8e1af61a560a11ca52574b8103b547ccac8037ce0cdf9e7ba58} stake in its digital unit Jio Platforms for 7.3 billion rupees ($97.1 million).

The partnership will help Jio Platforms, the unit that houses Reliance’s telecoms venture Jio Infocomm, to “roll out advanced 5G infrastructure and services for Indian customers”, Reliance said in a statement.

Qualcomm’s move comes at a time India is preparing to auction 5G airwaves to telecoms service providers.

Also Read | How to check Jio balance, data and other details: List of Jio USSD codes

With this new investment, Reliance has sold a 25.2{b1ee4ac4d8d7b8e1af61a560a11ca52574b8103b547ccac8037ce0cdf9e7ba58} stake in Jio Platforms to investors in a funding spree that began late April, raising $15.69 billion.

Although Jio Platforms also comprises Reliance’s music and movie apps, Jio Infocomm – the mobile carrier – is its centrepiece.

Reliance chairman and billionaire tycoon Mukesh Ambani has always pitched Jio Infocomm as a tech company instead of a traditional telecoms firm.

That has helped Ambani win the backing of major tech firms such as Facebook Inc, Intel and now Qualcomm.

“Qualcomm offers deep technology know-how and insights that will help us deliver on our 5G vision and the digital transformation of India for both people and enterprises,” Ambani said in the statement.

Also Read | JioFiber offers unlimited data and calling for 2 days as compensation for disrupted services