Qualcomm is the latest US tech name to back India’s Jio Platforms

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Advisors say that Ambani’s ultimate aim is to construct the upcoming worldwide technology firm, one that will hold ranking along with the likes of Google (GOOGL), Tencent (TCEHY), Amazon (AMZN) and also Alibaba (BABA).

The billions increased in the past couple of months will fuel those grand aspirations and repay debt during its parent firm. The petroleum and energy business, which creates a part of Reliance, was dented from the pandemic. Oil demand cratered because of declines in commercial, industrial, and transportation activity. However, it has started to recuperate with the easing of lockdowns.

Ambani is utilizing the momentum to guarantee his present investors. “I’ve fulfilled my promise to the shareholders by creating Reliance net debt-free far before our first program,” he said in a statement.

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Both companies announced Sunday the Qualcomm’s investment arm could pump up to 7.3 billion Indian rupees (roughly $97 million) to Jio, in exchange for an equity stake of 0.15 percent.
Jio Platforms, the technology company owned by billionaire Mukesh Ambani, has won yet another investment, now from US chipmaker Qualcomm (QCOM).

It comprises the largest network of India. Jio features an ecosystem of programs, offering those millions of users all from grocery shopping to video streaming and payments.

“As a world leader in wireless technology, Qualcomm presents profound technology know-how and tips that can help us deliver on our 5G vision and the electronic transformation of India for both partnerships and people.”

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Asia’s richest person, Mukesh Ambani, is currently one of the world’s 10 wealthiest people. India’s wealthiest man is not finished with his fundraising spree just yet.

“That is much more noteworthy that this has been achieved amidst an international lock down brought on by the Covid-19 pandemic,” Reliance added.

Last month, the conglomerate maintained in a statement that”the joint capital increased has no precedence worldwide in this brief time.”

The San Diego-based firm is the newest major tech participant to improve Ambani’s war chest.

Before this month, besides, it ensured a commitment of 18.9 billion Indian rupees (nearly $252 million) from a different US chipmaker, Intel (INTC).

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Asia’s richest person, Mukesh Ambani, is currently one of the world’s 10 wealthiest people. In general, since April, Jio has increased by nearly 1.2 trillion rupees (roughly $15.6 billion).