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RIL hits record high as Qualcomm invests Rs 730 crore in Jio Platforms; m-cap crosses Rs 12 lakh crore

RIL is the first Indian company to cross the Rs 12 lakh crore market valuation mark.

July 13, 2020 / 04:34 PM IST

Reliance Industries (RIL) touched record high of Rs 1,911.90 in early trade on July 13 after the company said Qualcomm Inc will invest Rs 730 crore in Jio Platforms for a 0.15 percent stake.

RIL is the first Indian company to cross the Rs 12 lakh crore market valuation mark. At the time of writing this copy, the market capitalisation of the company stood at Rs 12,10,889.65 crore.

Qualcomm Ventures, the investment arm of Qualcomm Incorporated has committed to invest up to Rs 730 crore in Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore, RIL said in a press release.

Qualcomm, one of the world’s top wireless technology companies, is the third technology investor in Jio after Facebook Inc and American semiconductor giant Intel. The RIL unit runs the telecom enterprise Jio Infocomm, India’s biggest, as well as movie, news and music apps.