Facebook Invests in Jio
Social media platform Facebook has announced a major investment in Reliance Jio on Wednesday morning. The company has invested $ 5.7 billion (Rs 43,574 crore) in Jio. With this, Facebook has bought a 9.99 percent stake of Reliance Jio. “Today, we announce Facebook’s investment of $ 5.7 billion (Rs 43,574 crore) in Reliance Industries’ Jio Platform Limited,” Reliance Jio said in a statement.
After this big deal, Facebook has now become the largest shareholder of Jio. The deal will help Reliance Industries Group reduce its debt burden and strengthen Facebook’s position in India. Jio has more than 39 crore users all over India.
On partnering with Facebook, Reliance Industries owner Mukesh Ambani said, “When we launched Jio in 2016, we were inspired by India’s dream of digital Sarvodaya – India’s inclusive digital growth, making every Indian Improve the quality of life and make India the world’s leading digital community. We hope the partnership between Jio and Facebook will help achieve the goal of Digital India. We strongly believe India’s economic situation will improve soon after the Coronavirus crisis ended.”
After this deal, Zuckerberg said, “I want to thank Mukesh Ambani and the entire Jio team for their partnership.” I am very excited about the new deal.