Mukesh Ambani retains top spot on 2024 Forbes’ list
The RIL chief’s current net worth stands at $108.3 billion making him the 13th richest person in the world.
Intel’s investment arm, Intel Capital, is going to buy 0.39 per cent stake in Reliance Industries’ digital unit Jio Platforms for Rs 1,894.50 crore, making it the twelfth investment in the firm in less than three months.
With this deal, the total investment amount in Jio Platforms has reached to Rs 1,17,588.45 crore. The latest slew of investments has helped Mukesh Ambani’s oil-to-telecom conglomerate pay down debt.
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Intel Capital’s investment in Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore, Reliance Industries and Jio Platforms said in a joint statement.
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“Intel Capital has an outstanding record of being a valuable partner for leading technology companies globally. We are therefore excited to work together with Intel to advance India’s capabilities in cutting-edge technologies that will empower all sectors of our economy and improve the quality of life of 1.3 billion Indians,” Mukesh Ambani, Chairman and Managing Director of Reliance Industries, said
Wendell Brooks, Intel Capital President, said that Jio Platforms’ focus on applying its impressive engineering capabilities to bring the power of low-cost digital services to India aligns with Intel’s purpose of delivering breakthrough technology that enriches lives.
“We believe digital access and data can transform business and society for the better. Through this investment, we are excited to help fuel digital transformation in India, where Intel maintains an important presence,” Brooks said.
Jio Platforms, a wholly-owned subsidiary of Reliance Industries, also runs Reliance Jio telecom business. Jio leads the India market with over 38.8 crore subscribers.
Earlier, high-profile firms like Facebook, Silver Lake Partners (two investments), Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG, L Catterton, and PIF invested in the Jio Platforms.
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