Guwahati, April 22, 2020:
Social media giant Facebook has bought a 9.9% stake in Reliance Jio for $5.7 billion (Rs 43,574 crore). With this acquisition, Facebook is expected to gain a firmer stronghold in what is the company's largest market.
The deal values Jio at $65.95 billion (4.62 lakh crore).
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Jio, in a statement on the deal, said, "The partnership between Facebook and Jio is unprecedented in many ways. This is the largest investment for a minority stake by a technology company anywhere in the world and the largest FDI in the technology sector in India. The investment values Jio Platforms amongst the top 5 listed companies in India by market capitalization, within just three and a half years of launch of commercial services, validating Reliance Industries’ capability in incubating and building disruptive next-generation businesses, while delivering market defining shareholder value."
Commenting on its investment, Facebook in its statement said, "This investment underscores our commitment to India, and our excitement for the dramatic transformation that Jio has spurred in the country. In less than four years, Jio has brought more than 388 million people online, fueling the creation of innovative new enterprises and connecting people in new ways. We are committed to connecting more people in India together with Jio."
Later, Mark Zuckerberg, the founder of Facebook, took to the platform to announce his new partnership with Jio. In his post, he wrote, "Facebook is teaming up with Jio Platforms - we're making a financial investment, and more than that, we're committing to work together on some major projects that will open up commerce opportunities for people across India."
"India is home to the largest communities on Facebook and WhatsApp, and a lot of talented entrepreneurs. The country is in the middle of a major digital transformation and organisations like Jio have played a big part in getting hundreds of millions of Indians, small businesses online," Zuckerberg further added.
Reliance Jio - RIL's telecom unit with 388 million subscribers - will continue to remain a wholly owned subsidiary of Reliance Platform.
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