Qualcomm invests 7.3 billion rupees in Reliance digital unit

A Qualcomm sign is pictured at Mobile World Congress (MWC) in Shanghai
FILE PHOTO: A Qualcomm sign is pictured at Mobile World Congress (MWC) in Shanghai, China June 28, 2019. REUTERS/Aly Song

July 12, 2020

NEW DELHI (Reuters) – India’s Reliance Industries on Sunday said Qualcomm Inc’s investment arm will buy a 0.15% stake in its digital unit Jio Platforms for 7.3 billion Indian rupees ($97.1 million).

The partnership will help Jio Platforms, the unit that houses Reliance’s telecoms venture Jio Infocomm, to “rollout advanced 5G infrastructure and services for Indian customers,” Reliance said in a statement.

(Reporting by Sankalp Phartiyal; Editing by Andrew Cawthorne)