Facebook takes 9.99 per cent stake in Reliance Jio at Rs 43,574 crore
New Delhi, Apr 22: Social media giant Facebook picked up a 9.99 per cent stake in Reliance Industries Jio Platforms for Rs 43,574 crore. This is the largest FDI for minority investment in India.
Jio Platforms is a wholly owned subsidiary of Reliance Industries Limited that works on digital apps, digital ecosystems and mobile service. This new investment has put the value of Jio Platforms at Rs 4.62 lakh crore.
There's a lot going on in the world right now, but I wanted to share an update on our work in India. 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 organizations like Jio have played a big part in getting hundreds of millions of Indian people and small businesses online.
This is especially important right now, because small businesses are the core of every economy and they need our support. India has more than 60 million small businesses and millions of people rely on them for jobs. With communities around the world in lockdown, many of these entrepreneurs need digital tools they can rely on to find and communicate with customers and grow their businesses.
This is something we can help with -- and that's why we're partnering with Jio to help people and businesses in India create new opportunities. I want to thank Mukesh Ambani and the entire Jio team for their partnership. We're looking forward to getting started, Facebook founder, Mark Zukerberg said in a post.
"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, fuelling the creation of innovative new enterprises and connecting people in new ways. We are committed to connecting more people in India together with Jio," Facebook's Chief Revenue Officer David Fischer and VP and Managing Director, India Ajit Mohan said.
"Digital India mission with its two ambitious goals - 'Ease of Living' and 'Ease of Doing Business' - for every single category of Indian people without exception. The partnership will surely make an important contribution to this transformation," RIL Chairman and MD, Mukesh Ambani said.