Ambani’s Jio adds Intel to backers with $253 million stake sale

Hindustan Times | Jul 3, 2020 at 7:18 AM
  • The investment arm of Intel Corp. agreed to pay 18.95 billion rupees ($253 million) for a stake in Jio Platforms Ltd., the telecommunications and digital services business of Reliance Industries Ltd..
  • Intel Capital joins global names including Facebook Inc., KKR & Co. and Silver Lake Partners in backing billionaire Mukesh Ambani’s bid to transform Reliance into a digital services giant and reduce its dependence on revenue from oil refining and petrochemicals.
  • Jio is expected to use its roughly 400 million wireless phone subscribers as the cornerstone of an e-commerce and digital services business.