Read the full statement of Facebook's $5.7 Billion investment into Jio Platforms for 9.99%

In a massive development, Facebook on Wednesday anunced an investment of USD 5.7 billion (Rs 43,574 crore) for acquiring a 9.99% mirity stake in Jio Platforms Ltd as it looks to expand presence in its largest market in terms of subscriber base. Additionally, Reliance Industries Limited also issued a statement to same effect. It also added that along with Facebook, it has also entered into a commercial partnership agreement with Whatsapp. 

"Today, we are anuncing a USD 5.7 billion, or Rs 43,574 crore, investment in Jio Platforms Limited, part of Reliance Industries Limited, making Facebook its largest mirity shareholder," Facebook said in a statement.

Statement by Reliance Industries Limited

Releasing its statement, Reliance Industries Limited said that it is signing 'binding agreements for an investment of Rs 43,574 crore by Facebook into Jio Platforms. This investment by Facebook values Jio Platforms at Rs 4.62 lakh crore pre-money enterprise value. Facebook's investment will translate into a 9.99% equity stake in Jio Platforms on a fully diluted basis."

Calling partnership 'unprecedented', Reliance industries in its statement added that it is largest FDI in techlogy sector. It said that goal of investment is to enable new opportunities for businesses and create new and exciting digital ecosystems to empower 1.3 billion Indians. It also said that partnership assumes special significance amid disruption caused by coronavirus outbreak, adding that 'comprehensive digitalisation' will be a 'necessity for revitalisation of Indian ecomy.'

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Chairman and Managing Director of Reliance Industries limited Mukesh Ambani said, "All of us at Reliance are humbled by opportunity to welcome Facebook as our long-term partner in continuing to grow and transform digital ecosystem of India for benefit of Indians." He added, "In post corona era, I am confident of India's ecomic recovery and resurgence and in shortest period of time. This partnership will surely make an important contribution to transformation."

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Here is full statement:

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