Here's what Mark Zuckerberg has to say about Facebook's $5.7 Billion investment in Jio

Social media giant Facebook on Wednesday anunced an investment of USD 5.7 billion (Rs 43,574 crore) to buy a 9.99% stake in firm that houses Mukesh Ambani-led Reliance Industries Limited's (RIL's) telecom arm Jio, as it looks to expand presence in its largest market in terms of subscriber base. 

Facebook CEO and co-founder, Mark Zuckerberg said:

re's a lot going on in world right w, but I wanted to share an update on our work in India. Facebook is teaming up with Jio Platforms -- we're making a financial investment, and more than that, we're committing to work toger on some major projects that will open up commerce opportunities for people across India.

India is home to largest communities on Facebook and WhatsApp and a lot of talented entrepreneurs. country is in middle of a major digital transformation and organizations like Jio have played a big part in getting hundreds of millions of Indian people and small businesses online.

This is especially important right w because small businesses are core of every ecomy and y need our support. India has more than 60 million small businesses and millions of people rely on m for jobs. With communities around world in lockdown, many of se entrepreneurs need digital tools y can rely on to find and communicate with customers and grow ir businesses. This is something we can help with -- and that's why we're partnering with Jio to help people and businesses in India create new opportunities.

I want to thank Mukesh Ambani and entire Jio team for ir partnership. We're looking forward to getting started.

'Jio has brought more than 388 million people online'

Facebook said investment "underscores our commitment to India and our excitement for dramatic transformation that Jio has spurred in country". "In less than four years, Jio has brought more than 388 million people online, fueling creation of invative new enterprises and connecting people in new ways. We are committed to connecting more people in India toger with Jio," it added.

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Toger with WhatsApp and Instagram, Facebook overall is estimated to have more users in India than any or single country. number of internet users in India is projected to rise to about 850 million in 2022, according to consultancy PwC, up from 450 million in 2017. " partnership between Facebook and Jio is unprecedented in many ways. This is largest investment for a mirity stake by a techlogy company anywhere in world and largest FDI in techlogy sector in India," RIL said.

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(with PTI inputs)