Facebook to invest in Jio Platforms
According to a recent deal between the two giants, Facebook will invest ₹43,574 crore for a 9.99% stake on a fully diluted basis in Jio Platforms. Once the deal gets regulatory approvals, Facebook will become the largest minority shareholder of Jio.
This is a great move for the social media platform since India, with its over one billion mobile user base is also the largest market for Facebook and its messaging app Whatsapp. Of these 1 billion mobile users, Reliance Jio Infocomm Limited provides connectivity platform to over 388 million subscribers. Reliance Jio Infocomm Limited, he only Indian telecom company that has its entire network built on 4G VoLTE technology, will continue to be a wholly-owned subsidiary of Jio Platforms.
“The synergy between Jio and Facebook will help realise Prime Minister Shri Narendra Modi’s ‘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. In the post-Corona era, I am confident of India’s economic recovery and resurgence in the shortest period of time. The partnership will surely make an important contribution to this transformation,” an RIL press release stated.