Published 07:13 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.
In a significant development in the Indian telecom sector, technology giant Facebook has announced an investment worth Rs 43,574 crore in Mukesh Ambani-led Jio Platforms. The investment allows the American firm to pick up 9.99% in Jio.
Facebook's big investment
In an announcement 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 the investment is the "largest investment for a minority stake by a technology company anywhere in the world and the largest FDI in the technology sector in India" and that it will accelerate "India’s all-round development, fulfilling the needs of Indian people and the Indian economy."
Mukesh Ambani, Chairman of RIL said, "All of us at Reliance are therefore humbled by the opportunity to welcome Facebook as our long-term partner in continuing to grow and transform the digital ecosystem of India for the benefit of all Indians. The 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 the post-Corona era, I am confident of India’s economic recovery and resurgence in the shortest period of time. The partnership will surely make an important contribution to this transformation.”
Updated 07:45 IST, April 22nd 2020