Intel to invest $255 million in Reliance's digital unit Jio Platforms

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Intel Corp's investment arm will pay some $255 million for a small stake in Reliance Industries Ltd's digital unit Jio Platforms, the latest in a slew of share sales that have helped the Indian conglomerate pay down debt.

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) Flipkart. Jio Platforms is also working on connected cars, security systems and smart homes.

The sale of the 0.39% stake for 18.95 billion rupees gives Jio Platforms an enterprise value of 5.16 trillion rupees , Reliance said in a statement. The deals and a $7 billion share sale have helped Reliance become net-debt free, the company said last month. It had previously planned to rid itself of net debt of just over $21 billion by the year end.

The oil-to-retail conglomerate, controlled by India’s richest man Mukesh Ambani, plans to wrap up most of its private fundraising for Jio Platforms by the third quarter of 2020 and then explore a potential public listing in the United States in 2021, a source familiar with matter has said.Our Standards:

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