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Mukesh Ambani Jio Platforms gets another investment from Intel

Mukesh Ambani on Reliance industries recently announced intra capital as its new investor. It has purchased a stake of 0.39% in Jio platforms for rupees 1,894.50 crore. Jio is reliance’s Digital services subsidiary and has seen 11 investments already in the last 2 months. In this time span, jio platforms has raised Rs. 1.17 trillion by inviting investments into its Digital Services business by several well known Blue chip firms.

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Intel is the world’s largest semiconductor manufacturer of which Intel capital is an arm. In a statement Reliance Industries’ chairman Mukesh Ambani said that Intel capital has an extremely impressive record of of being a valuable partner and that Reliance is excited to work with the company with the goal of advancing India’s potential and capabilities to empower all the sectors of the economy and improve the life of 1.3 billion Indians.

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Mukesh Ambani

The news of Intel and Jio deal came nearly 14 days after Mukesh Ambani announced that Reliance is now officially net debt free well ahead of its deadline of March 2021. On March 31 2020, Reliance had a net debt of nearly Rs. 1.61 trillion. With this investment in news, RIL’s stock rose up by 1.53% and close at Rs. 1,787.5 on Friday. To mark the growth of the digital Services sector of Reliance industries it is extremely quintessential to note that it in financial year 2018 it accounted for just 10% of company’s total operating profit and now in financial year 2020, it is the third largest segment after petrochemicals and refining.

 

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