Intel said on Friday it will invest $253.5 million in Jio Platforms, joining a roster of high-profile investors including Facebook and Silver Lake that have backed India’s top telecom operator in recent months.
The chipmaker’s investment arm said it is acquiring a 0.39% stake in Jio Platforms, giving the Indian firm a valuation of $65 billion. Intel Capital is the 12th investor to buy a stake in Jio Platforms, which has raised more than $15.5 billion by selling a 25% stake since April this year. “Jio Platforms’ focus on applying its impressive engineering capabilities to bring the power of low-cost digital services to India aligns with Intel’s purpose of delivering breakthrough technology that enriches lives. We believe digital access and data can transform business and society for the better. Through this investment, we are excited to help fuel digital transformation in India, where Intel maintains an important presence,” said Wendell Brooks, Intel Capital President, in a statement. The announcement today comes weeks after Mukesh Ambani, India’s richest man and who controls Reliance Industries — the parent firm of Jio Platforms — suggested that Saudi Arabia’s PIF $1.5 billion investment on June 18 in his digital empire had marked the “end of Jio Platforms’ current phase of induction of financial partners.” In a statement today, Ambani said he was excited to “work together with Intel to advance India’s capabilities in cutting-edge technologies that will empower all sectors of our economy and improve the quality of life of 1.3 billion Indians.” More to follow…