Published 07:45 IST, April 22nd 2020

Jio Platforms confirms ₹43,574 cr investment by Facebook for 9.99% stake; read statement

Reliance confirmed in a statement that an agreement had been reached with Facebook for a major investment, which values Jio Platforms at Rs 4.62 lakh crore.

Reported by: Devarshi mankad
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In a significant development in Indian telecom sector, techlogy giant Facebook has anunced an investment worth Rs 43,574 crore in Mukesh Ambani-led Jio Platforms. investment allows American firm to pick up 9.99% in Jio.

READ: Reliance Jio Ramps Up Jiofiber Broadband And Launches JioPOS Lite App

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Facebook's big investment

In an anuncement made early on Wednesday, Reliance Industries Limited (RIL) stated that an agreement had been reached with Facebook for a major investment, which values Jio Platforms at Rs 4.62 lakh crore.

RIL remarked that investment is "largest investment for a mirity stake by a techlogy company anywhere in world and largest FDI in techlogy sector in India" and that it will accelerate "India’s all-round development, fulfilling needs of Indian people and Indian ecomy."

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Mukesh Ambani, Chairman of RIL said, "All of us at Reliance are refore humbled by opportunity to welcome Facebook as our long-term partner in continuing to grow and transform digital ecosystem of India for benefit of all Indians. 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 post-Corona era, I am confident of India’s ecomic recovery and resurgence in shortest period of time. partnership will surely make an important contribution to this transformation.”

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07:13 IST, April 22nd 2020