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UK clears Amazon deal to buy 16% stake in online food platform Deliveroo

UK clears Amazon deal to buy 16% stake in online food platform Deliveroo

Britain’s competition regulator on Tuesday cleared Amazon’s purchase of a 16% stake in online delivery group Deliveroo, following a provisional nod in June.

  • Reuters
  • Last Updated: August 4, 2020, 4:10 PM IST

Britain’s competition regulator on Tuesday cleared Amazon’s purchase of a 16% stake in online delivery group Deliveroo, following a provisional nod in June.

The Competition and Markets Authority’s (CMA) original clearance in April was on the basis that Deliveroo could go out of business without the Amazon investment, but changed its methodology to just focus on competition after criticism.

“Today’s final decision is the result of a thorough examination of this deal and the markets in which Amazon and Deliveroo operate,” said Stuart McIntosh, the inquiry chair. (https://bit.ly/33vp36F)

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor



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Trump vows TikTok ban if no U.S. sale deal reached by September 15

WASHINGTON U.S. President Donald Trump said Monday he does not oppose Microsoft Corp acquiring the U.S. operations of TikTok and said he will ban the service in the United States on Sept 15 without a sale.

The comments came after Trump Friday he said he was planning to ban the Chinese-owned video app’s U.S. operations after dismissing a possible sale to Microsoft.

Trump’s comments confirmed a Reuters report Sunday that he had agreed to give China’s ByteDance 45 days to negotiate a sale of popular short-video app TikTok to Microsoft.

Trump also said the U.S. Treasury would need to get a lot of money out of a TikTok deal, but it not clear how that would happen.

Microsoft said Sunday that CEO Satya Nadella had spoken to Trump and “is prepared to continue discussions to explore a purchase of TikTok in the United States.”

Many prominent Republicans, including House Republican Leader Kevin McCarthy, issued statements in support of a Microsoft acquisition of TikTok’s U.S. operations. Some congressional aides are worried about a backlash by younger voters against the party if Trump banned TikTok, which has 100 million American users.

Microsoft and TikTok parent ByteDance gave the U.S. government a notice of intent to explore a preliminary proposal for Microsoft to purchase the TikTok service in the United States, Canada, Australia, and New Zealand.

U.S. Senate Democratic leader Chuck Schumer also backed the sale, while a senior White House adviser raised concerns about a sale to Microsoft.

“A U.S. company should buy TikTok so everyone can keep using it and your data is safe,” Schumer said on Twitter, adding: “This is about privacy. With TikTok in China, it’s subject to Chinese Communist Party laws that may require handing over data to their government.”

White House trade adviser Peter Navarro suggested on Monday that Microsoft could divest its holdings in China if it were to buy TikTok.

“So the question is, is Microsoft going to be compromised?” Navarro said in an interview with CNN. “Maybe Microsoft could divest its Chinese holdings?”

Navarro said the Chinese government and military use Microsoft software “to do all the things they do.”

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U.S. officials have said TikTok poses a national risk because of the personal data it handles. TikTok CEO Kevin Mayer said in a blog post last week that the company was committed to following U.S. laws and was allowing experts to observe its moderation policies and examine the code that drives its algorithms.

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor


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Exclusive: Trump gives Microsoft 45 days to clinch TikTok deal

NEW YORK/WASHINGTON President Donald Trump only agreed to allow Microsoft Corp to negotiate the acquisition of popular short-video app TikTok if it could secure a deal in 45 days, three people familiar with the matter said on Sunday.

The move represents an about-face for Trump and prompted the U.S. tech giant to declare its interest in the blockbuster social media deal that could further inflame U.S.-China relations. Trump said on Friday he was planning to ban TikTok amid concerns that its Chinese ownership represents a national security risk because of the personal data it handles.

The proposed acquisition of TikTok, which boasts 100 millions U.S. users, would offer Microsoft a rare opportunity to become a major competitor to social media giants such as Facebook Inc and Snap Inc. Microsoft also owns professional social media network LinkedIn.

Trump had dismissed the idea of a sale to Microsoft on Friday. But following a discussion between Trump and Microsoft CEO Satya Nadella, the Redwood, Washington-based company said in a statement on Sunday that it would continue negotiations to acquire TikTok from ByteDance, and that it aimed to reach a deal by Sept. 15.

This is a deadline that was put to ByteDance and Microsoft by the Committee on Foreign Investment in the United States (CFIUS), which scrutinizes deals for potential national security risks, according to the sources.

Trump changed his mind following pressure from some of his advisers and many in his Republican party, one of the sources said. Banning TikTok would alienate many of its young users ahead of the U.S. presidential election in November, and would likely trigger a wave of legal challenges. Several prominent Republican lawmakers put out statements in the last two days urging Trump to back a sale of TikTok to Microsoft.

“A win-win in the making,” Republican Senator Lindsey Graham tweeted in response to Trump’s new stance on Sunday.

The negotiations between ByteDance and Microsoft will be overseen by CFIUS, a U.S. government panel that has the right to block any agreement, according to the sources, who requested anonymity ahead of a White House announcement. Microsoft cautioned in its statement that there is no certainty a deal will be reached.

“Microsoft fully appreciates the importance of addressing the President’s concerns. It is committed to acquiring TikTok subject to a complete security review and providing proper economic benefits to the United States, including the United States Treasury,” Microsoft said in a statement.

ByteDance and the White House did not immediately respond to requests for comment on the Microsoft talks. In a statement issued late on Sunday that did not mention TikTok, ByteDance said it faced “complex and unimaginable difficulties” in going global.

As relations between the United States and China deteriorate over trade, Hong Kong’s autonomy, cyber security and the spread of the novel coronavirus, TikTok has emerged as a flashpoint in the dispute between the world’s two largest economies.

State-backed newspaper China Daily on Monday called ByteDance the victim of a “witch hunt” from the United States, and said Washington had not provided evidence to support its allegation that TikTok posed a threat to U.S. national security.

Under the proposed deal, Microsoft said it would take over TikTok’s operations in the United States, Canada, Australia and New Zealand. It said it would ensure that all private data of TikTok’s American users is transferred to and remains in the United States.

Microsoft may invite other American investors to acquire minority stakes in TikTok, the company added. About 70% of the outside capital ByteDance has raised has come from the United States.

It is not clear how much Microsoft could pay for TikTok. Reuters reported last week that ByteDance’s valuation expectations for the app exceeded $50 billion, although U.S. pressure to divest it could lower that price tag.

A key issue in the negotiations will be separating TikTok’s technology from ByteDance’s infrastructure and access, to alleviate U.S. concerns about the integrity of personal data. ByteDance owns a Chinese short video app called Douyin that was based on the same code used for TikTok.

One idea under consideration is to give Microsoft and ByteDance a transition period to develop technology for TikTok that will be completely separate from ByteDance, one of the sources said.

Microsoft said it did not intend to provide further updates until there was a definitive outcome in the negotiations.

APP SCRUTINY

The United States has been increasingly scrutinizing app developers over the personal data they handle, especially if some of it involves U.S. military or intelligence personnel. Ordering the divestment of TikTok would not be the first time the White House has taken action over such concerns.

Earlier this year, Chinese gaming company Beijing Kunlun Tech Co Ltd sold Grindr LLC, a popular gay dating app it bought in 2016, for $620 million after being ordered by CFIUS to divest.

In 2018, CFIUS forced China’s Ant Financial to scrap plans to buy MoneyGram International Inc over concerns about the safety of data that could identify U.S. citizens.

ByteDance was valued at as much as $140 billion earlier this year when one of its shareholders, Cheetah Mobile, sold a small stake in a private deal, Reuters has reported. The start-up’s investors include Japan’s SoftBank Group Corp.

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor


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Microsoft nears big bet on TikTok after risky LinkedIn deal shows promise

OAKLAND, Calif. Microsoft Corp’s potential acquisition of short-video app TikTok carries myriad risks, thrusting it into the politically fraught social media business and Sino-U.S. conflict amid increased scrutiny of big-tech companies.

But the deal could help Microsoft build on its $27 billion purchase of LinkedIn to become a bigger player in internet advertising now dominated by Facebook Inc and Alphabet Inc’s Google.

Microsoft on Sunday said it aims to complete a deal by Sept. 15 for TikTok’s U.S., Canada, Australia and New Zealand operations. It is likely to have an edge in pricing negotiations as the U.S. is effectively forcing TikTok’s Chinese parent, ByteDance, to sell by threatening to ban the app as a security risk.

TikTok has taken teenagers around the world by storm and emerged as a significant competitor to Facebook and Google’s YouTube. But like rivals, TikTok faces substantial new costs for content moderation as the spread of misinformation and allegations of political bias roil social media.

Increased oversight costs accounted for much of the 10-percentage-point drop in gross profit margins for Facebook and Alphabet over the last 3-1/2 years, Refinitiv data showed.

“Does Microsoft really want to own an app that breeds conspiracy theories in tweens?” said Hank Green, YouTube star and chief executive of educational media company Complexly. He said TikTok removes content to maintain “a certain feel”, and could face public challenges over such decisions more often under a bigger name such as Microsoft.

At $1.55 trillion, Microsoft is the world’s second-largest company by market capitalization after Apple Inc but has in recent years faced less criticism than peers over antitrust, data protection and China projects.

NADELLA’S DEALS

Microsoft has done several big deals since Satya Nadella became chief executive in 2014, with acquisitions including world-building game Minecraft and job-search social network LinkedIn. They have fared better than those under predecessor Steve Ballmer, whose failed deals included Nokia Oyj’s phone business.

The LinkedIn acquisition in 2016, for 50% above its share price, was Nadella’s biggest and riskiest. Microsoft shares fell 3% when it was announced with analysts expressing concern about slowing revenue growth and an expected cap on usage.

Some concerns may have been overblown. Microsoft has avoided antitrust and privacy scrutiny with a cautious approach to connecting LinkedIn to other products, such as Outlook, and analysts have largely viewed the deal as a success in terms of synergies.

Though the COVID-19 pandemic has slowed sales, LinkedIn ad revenue was among Microsoft’s fastest-growing over 2017-2019 as the global economy roared.

Overall, LinkedIn has generated $14.3 billion in revenue for Microsoft through ads and subscriptions, though analysts estimate it remains unprofitable.

TikTok is a bigger gamble because it caters to a less-affluent audience than LinkedIn, where advertisers typically pay more to attract wealthier consumers. TikTok’s ad sales team and technology also are far less mature than LinkedIn’s were, and TikTok faces greater competition.

About 11% of U.S. adults use TikTok at least once per week, versus 49% for YouTube and 62% for Facebook, showed a survey last month by tech consultancy Vorhaus Advisors.

LinkedIn came to Microsoft at 13 years old with 11,000 employees and 105 million monthly users globally. Six-year-old TikTok, by contrast, has about 1,000 U.S. employees and has been downloaded 226 million times in the four countries targeted by Microsoft’s deal, showed data from app tracker Sensor Tower.

LinkedIn “was bought on domination of a sector, good revenue, and good margins,” said Mike Vorhaus, head of Vorhaus Advisors. “TikTok is going to be valued based on its incredible user growth and mobile advertising revenue opportunities.”

TikTok would make Microsoft relevant among both young engineers looking for a hip place to work and advertisers clamoring for alternatives to Facebook and Google.

Green, the YouTube star, said he doubted Microsoft ownership would hurt TikTok, noting he amassed 600,000 TikTok followers since he began posting a month ago.

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“I don’t see anything at all standing in the way,” he said.

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor


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Exclusive: TikTok's Chinese owner offers to forego stake to clinch U.S. deal – sources

NEW YORK/WASHINGTON China’s ByteDance has agreed to divest the U.S. operations of TikTok completely in a bid to save a deal with the White House, after President Donald Trump said on Friday he had decided to ban the popular short-video app, two people familiar with the matter said on Saturday.

U.S. officials have said TikTok under its Chinese parent poses a national risk because of the personal data it handles. ByteDance’s concession will test whether Trump’s threat to ban TikTok is a negotiating tactic or whether he is intent on cracking down on a social media app that has up to 80 million daily active users in the United States.

Trump told reporters onboard Air Force One late on Friday that he would issue an order for TikTok to be banned in the United States as early as Saturday. “Not the deal that you have been hearing about, that they are going to buy and sell… We are not an M&A (mergers and acquisitions) country,” Trump said.

ByteDance was previously seeking to keep a minority stake in the U.S. business of TikTok, which the White House had rejected. Under the new proposed deal, ByteDance would exit completely and Microsoft Corp would take over TikTok in the United States, the sources said.

Some ByteDance investors that are based in the United States may be given the opportunity to take minority stakes in the business, the sources added. About 70% of ByteDance’s outside investors come from the United States.

The White House declined to comment on whether Trump would accept ByteDance’s concession. ByteDance in Beijing did not respond to a request for comment

Under ByteDance’s new proposal, Microsoft will be in charge of protecting all U.S. user data, the sources said. The plan allows for another U.S. company other than Microsoft to take over TikTok in the United States, the sources added.

Microsoft did not respond to a request for comment.

As relations between the United States and China deteriorate over trade, Hong Kong’s autonomy, cyber security and the spread of the novel coronavirus, TikTok has emerged as a flashpoint in the dispute between the world’s two largest economies.

ByteDance has been considering a range of options for TikTok amid U.S. pressure to relinquish control of the app, which allows users to create short videos with special effects and has become wildly popular with U.S. teenagers.

ByteDance had received a proposal from some of its investors, including Sequoia and General Atlantic, to transfer majority ownership of TikTok to them, Reuters reported on Wednesday. The proposal valued TikTok at about $50 billion, but some ByteDance executives believe the app is worth more than that.

ByteDance acquired Shanghai-based video app Musical.ly in a $1 billion deal in 2017 and relaunched it as TikTok the following year. ByteDance did not seek approval for the acquisition from the Committee on Foreign Investment in the United States (CFIUS), which reviews deals for potential national security risks. Reuters reported last year that CFIUS had opened an investigation into TikTok.

APP SCRUTINY

The United States has been increasingly scrutinizing app developers over the personal data they handle, especially if some of it involves U.S. military or intelligence personnel. Ordering the divestment of TikTok would not be the first time the White House has taken action over such concerns.

Earlier this year, Chinese gaming company Beijing Kunlun Tech Co Ltd sold Grindr LLC, a popular gay dating app it bought in 2016, for $620 million after being ordered by CFIUS to divest.

In 2018, CFIUS forced China’s Ant Financial to scrap plans to buy MoneyGram International Inc over concerns about the safety of data that could identify U.S. citizens.

ByteDance was valued at as much as $140 billion earlier this year when one of its shareholders, Cheetah Mobile, sold a small stake in a private deal, Reuters has reported. The startup’s investors include Japan’s SoftBank Group Corp.

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The bulk of ByteDance’s revenue comes from advertising on apps under its Chinese operations including Douyin – a Chinese version of TikTok – and news aggregator app Jinri Toutiao, as well as video-streaming app Xigua and Pipixia, an app for jokes and humorous videos.

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor


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ByteDance Offers to Forgo Complete Stake in TikTok to Save US Deal, Says Report

ByteDance Offers to Forgo Complete Stake in TikTok to Save US Deal, Says Report

The move came after President Donald Trump said he had decided to ban the popular shortvideo app, two people familiar with the matter said.

  • Reuters
  • Last Updated: August 1, 2020, 7:45 PM IST

China’s ByteDance has agreed to divest the U.S. operations of TikTok completely in a bid to save a deal with the White House, after President Donald Trump said on Friday he had decided to ban the popular short-video app, two people familiar with the matter said on Saturday.

ByteDance was previously seeking to keep a minority stake in the U.S. business of TikTok, which the White House had rejected. Under the new proposed deal, ByteDance would exit completely and Microsoft Corp would take over TikTok in the United States, the sources said. Some ByteDance investors that are based in the United States may be given the opportunity to take minority stakes in the business, the sources added.

The White House did not respond to a request for comment on whether Trump would accept ByteDance’s concession. ByteDance in Beijing did not respond to a request for comment

Under ByteDance’s new proposal, Microsoft will be in charge of protecting all U.S. user data, the sources said. The plan allows for another U.S. company other than Microsoft to take over TikTok in the United States, the sources added.

Microsoft did not respond to a request for comment.

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor



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Exclusive: ByteDance offers to forgo stake in TikTok to clinch U.S. deal – sources

Exclusive: ByteDance offers to forgo stake in TikTok to clinch U.S. deal - sources

China’s ByteDance has agreed to divest the U.S. operations of TikTok completely in a bid to save a deal with the White House, after President Donald Trump said on Friday he had decided to ban the popular shortvideo app, two people familiar with the matter said on Saturday.

  • Reuters
  • Last Updated: August 1, 2020, 7:04 PM IST

NEW YORK China’s ByteDance has agreed to divest the U.S. operations of TikTok completely in a bid to save a deal with the White House, after President Donald Trump said on Friday he had decided to ban the popular short-video app, two people familiar with the matter said on Saturday.

ByteDance was previously seeking to keep a minority stake in the U.S. business of TikTok, which the White House had rejected. Under the new proposed deal, ByteDance would exit completely and Microsoft Corp would take over TikTok in the United States, the sources said. Some ByteDance investors that are based in the United States may be given the opportunity to take minority stakes in the business, the sources added.

The White House did not respond to a request for comment on whether Trump would accept ByteDance’s concession. ByteDance in Beijing did not respond to a request for comment

Under ByteDance’s new proposal, Microsoft will be in charge of protecting all U.S. user data, the sources said. The plan allows for another U.S. company other than Microsoft to take over TikTok in the United States, the sources added.

Also Watch

Maharashtra & Bihar Govt Faceoff Over Sushant’s Death Probe | Top Stories At 6 PM | CNN News18

Microsoft did not respond to a request for comment.

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor



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Reliance-Google Smartphone Deal Poses a Major Challenge for Chinese Firms in India, Say Analysts

A $4.5 billion deal under which Alphabet’s Google will collaborate with India’s Reliance Industries on a new smartphone likely heralds a big shake-up for the world’s second-largest mobile market, industry executives and analysts say. Reliance boss Mukesh Ambani, announcing the partnership at his company’s annual meeting last week, said Google would build an Android operating system (OS) to power a low-cost “4G or even 5G” smartphone that Reliance would design.

The new phone is set to pose a major challenge to Chinese vendors such as Xiaomi and BBK Electronics, owner of the Realme, Oppo and Vivo brands, which currently dominate a $2 billion market for sub-$100 smartphones in India. Powered by a clever mix of Bollywood, cricket-driven marketing and product features such as powerful cameras, the Chinese firms sell roughly eight of every 10 smartphones in the country.

“If history is anything to go by, Reliance will undercut other brands and pose a real threat to the low-end smartphone market,” said Rushabh Doshi of tech researcher Canalys. Reliance executed a similar plan in 2017 with the launch of the JioPhone, a no-frills device that gave users internet access for as little as $20. JioPhone now has more 100 million users, many of whom are internet first-timers.

“They (the Chinese players) are likely to cut their price to compete and their margins could shrink,” said A Gururaj, the former India head of contract manufacturers Wistron and Flextronics. “I see the Google-Jio phone as a big hit.” Reliance’s ambition to hand a smartphone to every Indian could also win subscribers from telecoms rivals Vodafone Idea and Bharti Airtel, who still have hundreds of millions of users with old-style feature phones on basic 2G networks.

Realme declined to comment. Reliance, Xiaomi, Oppo and Vivo did not respond to requests for comment. Vodafone Idea and Bharti Airtel did not immediately respond to requests for comment.

CONTENT IS KING

The alliance will see Google invest $4.5 billion in Reliance’s digital unit, which houses telecoms and fibre businesses as well as music and movie apps. Jio Platforms has also since April won the backing of global financial and tech investors including Intel and Qualcomm, which could bolster its smartphone ambitions.

While Reliance has given no details on the specifications or price of the new smartphone, the timing of its launch, or who might build it, the Jio network’s 387 million subscribers and the Google brand name will give it a big leg up. The Reliance-Google phone would likely be optimised for the Jio network and offer users improved performance, said Arvind Vohra, a tech consultant and the former India head of China’s Gionee.

Just as important are the possibilities for bundling Jio’s massive video and music libraries with the phone. Google’s Android team also aims to ensure access to apps related to health, communications and jobs, and ease of use for first-time smartphone owners, Sameer Samat, vice president for Android and Play at Google, told Reuters. That kind of packaging could help woo roughly 350 million Indians who still use basic, non-touch phones and are yet to taste high-speed mobile data on fancier devices.

“This will help users choose a device for its software and bundled content rather than just specs alone,” said Vohra. The collaboration with Google could also set the stage for further partnerships between smartphone makers and Reliance to make devices specifically for the Jio telecoms network, said analysts.

Some Jio customers are already making plans to upgrade to the Reliance-Google smartphone when it hits the market. “I’d like to try the new Reliance smartphone and since I’m already a Jio customer my first preference will be to remain with the network,” said Rawil Ansari, a construction worker from a village in India’s eastern Bihar state, who has been using a JioPhone for the past two years.


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Tech

Jio-Qualcomm Deal: Key Things to Know About the Technology Company

Image for Representation.

Image for Representation.

Qualcomm is a leading technology player, which has now invested Rs 730 crore in Jio Platforms and picked up a 0.15 percent stake in exchange.

  • News18.com
  • Last Updated: July 12, 2020, 9:45 PM IST

Qualcomm, one of the world’s biggest and most impactful technology companies, has invested in Reliance Jio Platforms. The Qualcomm Ventures investment is worth Rs 730 crore, for a 0.15 percent stake in the company. With the investment, Qualcomm has joined Facebook, Silver Lake, Vista Partners, General Atlantic, KKR, Mubadala, ADIA, TPG, L. Catterton, PIF and Intel Capital, all of which combined has seen Jio Platforms raise a total of Rs 1,18,318.45 crore in investment in exchange for 25.24 percent stake in the company. Jio Platforms is valued at equity value of Rs 4.91 lakh crore, and enterprise value of 5.16 lakh crore. So, who is Qualcomm, and what does it bring to the table?

1. Qualcomm is a technology first company. It plays an unbeatable role thanks to its processor business that fuels a vast section of the world’s Android smartphones. Qualcomm’s chipset business gives it a commanding position in the global smartphone, network technology, automotive, IoT and other devices, which further positions it well to gauge the developing technology industry.

2. Qualcomm is also a leading network and communications player, and its work on 5G network equipment is leading the world towards next generation connectivity services. At the moment, Qualcomm’s 5G modems are among the leading 5G modems around, with leading devices such as most of the world’s flagship smartphones slated to use Qualcomm’s next generation technology.

3. The investment in Jio comes via Qualcomm Ventures, which is noted as one of the world’s leading venture capital investment groups. Under Qualcomm Ventures, the primary area of investment includes startups targeting the wireless ecosystem in sectors such as automotive, data centre and enterprise, digital health, IoT and mobiles.

4. Qualcomm has invested over $62 billion in cumulative R&D, and holds over 1.4 lakh patents and patent applications in key areas of technology. With over 35 years of history in technology innovation, Qualcomm can help Jio Platforms scale new heights in terms of its role in revolutionising India’s technology landscape.

Commenting upon the investment, Mukesh Ambani, chairman and managing of Reliance Industries, said, “Today, I am delighted to welcome Qualcomm Ventures as an investor in Jio Platforms. Qualcomm has been a valued partner for several years and we have a shared vision of connecting everything by building a robust and secure wireless and digital network and extending the benefits of digital connectivity to everyone in India. As a world leader in wireless technologies, Qualcomm offers deep technology knowhow and insights that will help us deliver on our 5G vision and the digital transformation of India for both people and enterprises.”

Steve Mollenkopf, CEO of Qualcomm Inc, said upon the investment, “With our shared goal of extending the benefits of digital connectivity to everyone and everything, we anticipate Jio Platforms will deliver a new set of services and experiences to Indian consumers. With unmatched speeds and emerging use cases, 5G is expected to transform every industry in the coming years. Jio Platforms has led the digital revolution in India through its extensive digital and technological capabilities. As an enabler and investor with a longstanding presence in India, we look forward to playing a role in Jio’s vision to further revolutionise India’s digital economy.”

Disclaimer:News18.com is part of Network18 Media & Investment Limited which is owned by Reliance Industries Limited that also owns Reliance Jio.


Categories
Tech

Jio-Qualcomm Deal: What The Two Companies Said

A woman checks her mobile phone as she walks past a mobile store of Reliance Industries' Jio telecoms unit, in Mumbai. (Reuters)

A woman checks her mobile phone as she walks past a mobile store of Reliance Industries’ Jio telecoms unit, in Mumbai. (Reuters)

Qualcomm’s investment of Rs 730 crore for a 0.15 percent stake underlines Jio Platforms’ position as a premier technology player in India, and around the world.

  • News18.com
  • Last Updated: July 12, 2020, 9:06 PM IST

Reliance Jio has announced an unprecedented 13th investment in the company, with global technology giant Qualcomm picking up a 0.15 percent stake in Jio Platforms against an investment of Rs 730 crore. The deal brings the total amount of investment in Jio Platforms up to Rs 1,18,318.45 crore, for a total stake sale of 25.24 percent. With this investment, Jio Platforms is valued at equity value of Rs 4.91 lakh crore, and enterprise value of 5.16 lakh crore. All the investments come together to rank Jio Platforms as one of India’s biggest companies, as well as one of the most attractive companies in the world, as per investors.

Commenting upon the investment, Mukesh Ambani, chairman and managing of Reliance Industries, said, “Today, I am delighted to welcome Qualcomm Ventures as an investor in Jio Platforms. Qualcomm has been a valued partner for several years and we have a shared vision of connecting everything by building a robust and secure wireless and digital network and extending the benefits of digital connectivity to everyone in India. As a world leader in wireless technologies, Qualcomm offers deep technology knowhow and insights that will help us deliver on our 5G vision and the digital transformation of India for both people and enterprises.”

Qualcomm’s investment in Jio Platforms signifies in no uncertain terms a clear validation of Jio’s elite ranking in the global technology industry. After revolutionising the Indian mobile telecom operator space with path-breaking 4G services at never seen before pricing, Jio has since expanded its presence to operate in various technology fields. For the consumer, Jio today offers fiber broadband internet service, as well as DTH TV service that is among the best in the world thanks to the vast amount of content on offer.

Steve Mollenkopf, CEO of Qualcomm Inc, said upon the investment, “With our shared goal of extending the benefits of digital connectivity to everyone and everything, we anticipate Jio Platforms will deliver a new set of services and experiences to Indian consumers. With unmatched speeds and emerging use cases, 5G is expected to transform every industry in the coming years. Jio Platforms has led the digital revolution in India through its extensive digital and technological capabilities. As an enabler and investor with a longstanding presence in India, we look forward to playing a role in Jio’s vision to further revolutionise India’s digital economy.”

Qualcomm is one of the world’s largest technology companies, and plays an unbeatable role thanks to its processor business that fuels a vast section of the world’s Android smartphones. Qualcomm is also a leading network and communications player, and its work on 5G network equipment is leading the world towards next generation connectivity services. The investment in Jio comes via Qualcomm Ventures, which is noted as one of the world’s leading venture capital investment groups. Under Qualcomm Ventures, the primary area of investment includes startups targeting the wireless ecosystem in sectors such as automotive, data centre and enterprise, digital health, IoT and mobiles.

With Qualcomm bringing in a powerful presence in the list of Jio Platforms’ list of investors, the latter has further solidified its commitment towards taking India to new heights, when it comes to our progress as a technology-first nation.

Disclaimer:News18.com is part of Network18 Media & Investment Limited which is owned by Reliance Industries Limited that also owns Reliance Jio.