With this deal, Reliance has sold 25.24 per cent stake in Jio Platforms Ltd - the unit that houses India's youngest but largest telecom firm Jio Infocomm and apps. In total, Jio has raised Rs 118,318.45 crore.
Qualcomm, which is the 12th marquee firm to have set a sight on India's hottest digital play in as many weeks, values Jio Platforms at Rs 4.91trillion, the statement said.
Proceeds from the stake sales in Jio Platforms along with the Rs 53,124 crore raised in a rights issue in June and from sale of a 49 per cent stake in its fuel retail network to BP last summer for Rs 7,000 crore, will help the company become net debt-free, Reliance announced last month, once the promised funds come in (75 per cent of the funds from the rights issue will come in next year).
As of March, Reliance had a net-debt of over Rs 1.6 trillion.
Qualcomm is the world's leading wireless technology innovator and the driving force behind the development, launch and expansion of 5G.
Mukesh Ambani, Chairman and Managing Director of Reliance Industries, said, "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," he said.
Steve Mollenkopf, CEO of Qualcomm Incorporated, said, "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," he said.
The transaction is subject to customary conditions precedent.Morgan Stanley acted as financial advisor to Reliance Industries
and AZB & Partners and Davis Polk & Wardwell acted as legal counsels.
Trilegal acted as legal counsel for Qualcomm Ventures.
The Jio Platforms deal spree began on April 22 when social networking giant Facebook agreed to acquire 9.99 per cent for Rs 43,573.62 crore.
Since then, six US private equity firms invested in Jio: Silver Lake Partners bought 2.08 per cent for Rs 10,202.55 crore, Vista Equity Partners paid Rs 11,367 crore for a 2.32 per cent stake, General Atlantic acquired a 1.34 per cent stake for Rs 6,598.38 crore, KKR paid Rs 11,367 crore for a 2.32 per cent stake, TPG bought a 0.93 per cent stake for Rs 4,546.80 crore and L Catterton picked up 0.39 per cent for Rs 1,894.50 crore.
Earlier this month, the investment arm of computer chip giant Intel Corp picked up 0.39 per cent stake for Rs 1,894.50 crore.