The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Bloomberg
The technology venture of billionaire Mukesh Ambani secured 18.95 billion rupees ($253 million) from Intel Capital, adding to a slew of investments since April that have reached more than $15 billion.
The investment arm of computer chip giant Intel Corp agreed to buy a 0.39% stake in Jio Platforms Ltd, giving the business an equity value of $65 billion, Ambani’s conglomerate Reliance Industries Ltd said in a statement.
Intel Capital joins global names including Facebook Inc, KKR & Co and Silver Lake Partners in backing Ambani’s bid to transform Reliance into a digital services giant and reduce its dependence on revenue from oil refining and petrochemicals.
“Through this investment, we are excited to help fuel digital transformation in India, where Intel maintains an important presence,†Wendell Brooks, Intel Capital president, said in the statement.
Morgan Stanley acted as financial adviser to Reliance Industries.