Qualcomm to Boost Jio 5G plans in India
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On Sunday, Reliance Industries Ltd. announced an investment from US 5G giant, Qualcomm. It will buy a 0.15% stake in Jio Platforms for $97.1 million (7.3 billion in ₹).
The partnership will help Jio Platforms, the unit that houses Reliance’s telecoms venture Jio Infocomm, to “roll out advanced 5G infrastructure and services for Indian customers”, Reliance said in a statement.
Steve Mollenkopf, CEO of Qualcomm, said the firm believes that Reliance Jio Platforms “will deliver a new set of services and experiences to Indian consumers” in the future.
Mukesh Ambani, the founder of Reliance Jio has become the world’s sixth-richest person, replacing Google co-founder Larry Page from the position. His net worth is $72.4 billion, according to the Bloomberg Billionaires Index.