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Qualcomm Unit Invests $97 Million in Reliance Industries' Digital Arm

7:20PM ET 7/12/2020 MT Newswires
Qualcomm Ventures, the investment arm of technology giant Qualcomm (QCOM), has committed an investment of up to 7.30 billion Indian rupees ($97.07 million) in Reliance Industries' digital unit.

According to an official statement, Qualcomm Ventures' investment will amount into a 0.15% equity stake in Jio Platforms on a fully diluted basis.

The transaction was conducted at an equity value of 4.91 trillion rupees and an enterprise value of 5.16 trillion rupees.

Prior to this deal, Jio Platforms had around 1.17 trillion rupees from global investors including Facebook (FB), Silver Lake, Vista Equity Partners, General Atlantic, and KKR (KKR) among others since April.

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