Intel to invest $253.55 million in Jio Platforms

American multinational corporation and technology company, Intel will pick up 0.39 percent stake in Reliance Industries Ltd arm Jio Platforms for $253.55 million.

The investment from Intel Capital comes after Facebook, General Atlantic, and Silver Lake picked up stake in recent months.

The deal has valued Jio Platforms at $65 billion.

Jio Platforms has raised $15.5 billion by selling a 25% stake since April this year.

Mukesh Ambani, chairman of Reliance Industries and the parent of Jio Platforms said, “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.”

In a statement Intel Capital President, Wendell Brooks said: “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.”

Jio Platforms started first by disrupting the telecommunication business, but now has expanded into a whole range of mobile applications. From live tv, music streaming, cinema, games, health, cloud and security to many others, the firm is upping its reach in the Indian market.

The investments by foreign giants has also helped India’s richest man clear debt amounting to $21 billion that his firm owed in the oil and gas business.