Dev ChinnappaReliance Industries announced on Wednesday, the signing of a Rs.43,574 Crore investment agreement by Facebook Inc. into Reliance Jio platforms. The investment will grant Facebook a 9.99% stake in Jio.
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
Speaking for the newly formed partnership, Mukesh Ambani stressed on the furtherance of Reliance’s commitment to the “digital transformation” of the Indian economy. The introduction of Reliance’s long awaited JioMart services into the Indian marker is expected to be accelerated by partnership. JioMart aims to facilitate access to digital transactions and e-commerce solutions to India’s small businesses and Kiranas. Mr. Ambani hopes that the “intimate relationship” of Facebook, with the Indian people, paired with Jio’s celebrated digital connectivity platform, will aid the country on its mission to becoming a world leading digital society.
The investment pushes Jio’s valuation to an eye-watering Rs.4.62 lakh crore. Further, the investment entails the largest FDI in India’s technology sector, and the largest investment for a minority stake in a technology company.
Facebook owned, Whatsapp has already transformed communication at all levels of Indian society, and the partnership aims to further the company’s relationship with the Indian people. In its media release, Reliance stated that the main benefactors of the Jio-Facebook partnership would be the country’s 60 million micro, small and medium businesses, 120 million farmers, and enterprises in the informal sector.
Jio and @Facebook partner to create opportunities for people and businesses.#WithLoveFromJio #Jio #Facebook #MarkZuckerberg #RelianceJio #JioDigitalLife pic.twitter.com/dMlW5TT4QF
— Reliance Jio (@reliancejio) April 22, 2020
Commenting on the investment, Chairman of Mahindra Group, Anand Mahindra it being a strong signal of India’s economic importance post the pandemic crisis.