Facebook has acquired a 10% stake of Indian Telecom major Jio at a whopping $5.7 billion

47

The social media giant Facebook has invested $5.7 billion (Rs. 43,574 crores) in Indian Telecom operator Jio. Facebook has bought a 9.99% stake in the three-year-old Indian telecom service provider that revolutionized Internet penetration across India. Jio, a subsidiary of the most valued company of India, Reliance Industries. It has the largest number of customers in India, approximately 370 million as of now.

The deal makes Jio the most valuable telecom service provider in India and 5th largest company in terms of market capitalization. It is Facebook’s biggest investment after the acquisition of WhatsApp in 2014. With this deal, Facebook becomes the largest minority shareholder in Jio.

Mark Zuckerberg, the co-founder of Facebook, said in a post on 22 April 2020 that India has the largest number of users of Facebook and WhatsApp. This deal is aimed to help small businesses with a digital platform they can rely on to grow their business and communicate with their customers. He also added that they are working on some major projects that will create business opportunities and generate employment in India.

The chairman and managing director of Reliance Industries, Mukesh Ambani, has said in a video message said that the partnership with Facebook is a result of the commitment Mark Zuckerberg and he shares the vision for digital transformation in India and serving all Indians. He added that the two companies would contribute to push India’s digital economy and empower the Indians.

Mr. Ambani further said, “The synergy between Jio and Facebook will help realize 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.”

LEAVE A REPLY

Please enter your comment!
Please enter your name here