Reliance Industry became the first Indian company with a market cap crossed 12 Trillion! Qualcomm Ventures invest ₹730 cr in Jio Platforms.

With the strong opening of the domestic market on Monday, Reliance Industries Limited (RIL) became the first Indian company with a market cap crossed 12 trillion rupees, and its share price has doubled since mid-March.

The stock price rose to touch a fresh high of Rs 1,938.80. At around 10 am, RIL’s market cap exceeded Rs 12.23 crore. According to statistics, its stock price on BSE was 1,933 rupees, up by 54.50 rupees, or 2.90% from the previous trading day.

Since mid-March, the stock price has risen by more than 120%.

The company has received a series of investments, the latest of which is Qualcomm Ventures and Qualcomm’s investment arm, which announced the acquisition of a 0.15% stake in Jio Platforms Ltd. for Rs 730 crore. This became the company’s 12th such investment in its digital services subsidiary over three months.


Qualcomm is an innovator of wireless technology and propulsion for the launch, development, and expansion of 5G. It has spent more than the US $62 billion on research and development and holds more than 140,000 patents and patent applications.

Qualcomm Ventures is a global fund that invests in pioneer companies in the entire wireless ecosystem, covering 5G, automotive, networking, AI, IoT, and enterprise. In India, Qualcomm Ventures has invested in companies that address essential domestic issues in the dairy, defense and transportation sectors, and manufacture products for the Indian and global markets.

“Qualcomm has been a powerful collaborator for many years, and we have a familiar strategy to connect everything by establishing, secure wireless, strong and digital networks in India. Qualcomm provides deep technical knowledge and insights that will help us to deliver our 5G vision and digital transformation of India for individuals and businesses,” RIL’s Chairman and Managing Director, Mukesh Ambani stated.

RIL has achieved growth since Petroleum to Telecommunications Group announced that it will reduce its net debt to zero and sell its shares in its digital platform i.e. Jio Platforms by March 2021. It will hold AGM (annual general meeting) this week.

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With this, RIL has sold 25.24% of Jio Platforms shares to Facebook, TPG, KKR, Silver Lake, L Catterton, General Atlantic, Vista Equity Partners, Mubadala Investment Company and Public Investment Fund (PIF ), Abu Dhabi Investment Authority, Intel Capital and Qualcomm Ventures raised 118,318.45 crores.

RIL also raised Rs 53,124 crore by the rights issue. As of March 31, its net debt was 1.61 trillion rupees. Reliance declared that with all these investments emerging, it is now a net debt-free company.

Jio Platforms has now more than 388 million patrons and has invested heavily in its digital ecosystem.

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It operates many digital applications and services, including music streaming service JioSaavn, payment application JioMoney, on-demand live TV service JioTV as well as smartphone and broadband services. 

AZB & Partners, Wardwell, and Davis Polk served as legal advisor and Morgan Stanley served as financial advisor to Reliance Industries. Trilegal serves as legal counsel to Qualcomm Ventures.

Our overall goal is to elongate the benefits of digital connectivity to everyone, and we hope that the Jio platform will provide a unique set of services and experiences to Indian customers. 5G is expected to transform every industry with unparalleled speed and emerging use cases in the next few years, Qualcomm Inc. CEO, Steve Mollenkopf said.


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