Jio Gets US Tech Giant Qualcomm's Support to Boost 5G in India
Qualcomm Venture Ltd, the investment arm of USA based Qualcomm Incorporated, has decided to buy a 0.15% stake in Jio Platforms Ltd by investing Rs.730 crores in the Indian telecom giant, to help boost 5G connections in India.
Qualcomm is essentially a wireless technology innovator, and now is at the forefront of developing, launching, and expanding 5G in India.
Qualcomm will become the 12th company to invest in the Jio services of Reliance, in the last three months. Earlier, Facebook, Silver Lake, Vista, General Atlantic, KKR, Mubadala, ADIA, TPG Capital, L Catterton, and Public Investment Fund have invested in Jio.
The ties between Qualcomm Infrastructure and Jio Platforms will give benefits to Indian customers. A joint statement released by two companies read that the investment will deepen the ties between Qualcomm and Jio Platforms to support the Indian telecom giant on its journey to rollout advanced 5G infrastructure and services for Indian customers.
Reliances' Chairman Mukesh Ambani also said that Qualcomm has been a valued partner for several years and that Reliance and the American multinational have shared a vision of offering better connectivity by building a robust and secure wireless and digital network as well as extending the benefits of digital connectivity to everyone in India.
As a world leader in wireless technologies, Qualcomm offers deep technology know-how and insights that will help Jio deliver on its 5G vision and digital transformation of India- for both people and enterprises.
Steve Mollenkopf, CEO of Qualcomm Inc. also said, “With our shared goal of extending the benefits of digital connectivity to everyone and everything, we anticipate Jio Platforms will deliver a new set of services and experiences to Indian consumers. With unmatched and emerging use cases, 5G is expected to transform every industry in the coming years.
In the past, Qualcomm Ventures has invested in dairy, infrastructure, defence, and transportation companies of India.