Social media major and Reliance Jio come together as Facebook makes an investment in Jio with is the largest FDI in India's tech sector.
India's telecom industry giant Reliance and Social media biggie Facebook have joined hands as per a statement released by them on Wednesday. The social media major Facebook will be investing Rs. 43,574 crore into Jio platforms which are a part of Reliance. The investment of 10% in one of the biggest markets for the media firm will help Reliance to curb the debt that has occurred as a result of its plan to secure the top place in India with Jio. In separate announcements, the companies suggested that they work together will be to ensure great commerce opportunities for the people across India. The investment is the largest for the technology sector in India and the largest by technology company anywhere in the world in a minority stake. However, Reliance Jio which is a wholly-owned subsidiary of Reliance Platform will continue to be so with its current 388 million subscribers.
Take a look at their statement:
.@Facebook has announced an investment of $5.7 billion or ₹43,574 cr in @reliancejio for a 9.99% stake, making this the largest technology sector FDI in India.— CNBC-TV18 (@CNBCTV18News) April 22, 2020
Mark Zuckerberg, CEO & Founder, Facebook, talks about the #FacebookJioDeal#DigitalLifeline pic.twitter.com/ByrcLCrgSH
Shri Mukesh D. Ambani, Chairman, Reliance Industries Limited welcomes Mark Zuckerberg, founder @Facebook Inc as a long term and esteemed partner.#WithLoveFromJio #Jio #Facebook #MarkZuckerberg#MukeshAmbani #RelianceJio #JioDigitalLifehttps://t.co/RoHrxUpxZF— Reliance Jio (@reliancejio) April 22, 2020