Here's Jio's new valuation as Facebook buys 9.9% stake in Reliance subsidiary for $5.7 Bn

Reliance Industries Limited (RIL) on Wednesday morning anunced that US tech giant Facebook had invested Rs 43,574 crore to pick up a 9.99% stake in its subsidiary Jio Platforms. deal - equivalent to $5.7 Billion - values Jio Platforms at Rs 46.24 lakh crore or $65.95 Billion (at Rs 70 per Dollar), making firm "amongst top-5 listed companies in India by market capitalization" as per Reliance's statement.

READ: Reliance Jio Confirms ₹43,574 Cr Investment By Facebook For 9.99% Stake; Read Statement

Jio's big valuation

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."

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.”

READ: Read Full Statement Of Facebook's $5.7 Billion Investment Into Jio Platforms For 9.99%

Facebook founder and CEO Mark Zuckerberg said thanked Ambani for partnership and stated that firms are "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," Zuckerberg added.

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