Facebook to invest Rs 43,574 crore into Jio platform
Wednesday, 22 April 2020 (20:13 IST)
Mumbai:Reliance Industries Limited, Jio platforms Limited and and Facebook on Wednesday announced the signing of binding agreements for an investment of Rs 43,574 crore by Facebook into Jio platforms, Reliance Industries said in its statement.
Facebook's investment will translate into a 9.99 pc equity stake in Jio Platforms on a fully diluted basis.
The partnership between Facebook and Jio is unprecedented in many ways. This 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.
Platforms, a wholly-owned subsidiary of Reliance Industries Limited, is a next-generation technology company building a Digital Society for India by bringing together Jio's leading digital apps, digital ecosystems and India's #1 high speed connectivity platform under one umbrella.
Reliance Jio Infocomm Limited, which provides connectivity platform to over 388 million subscribers, will continue to be a wholly-owned subsidiary of Jio Platforms.
The investment values Jio Platforms amongst the top five-listed companies in India by market capitalisation, within just three and a half years of launch of commercial services, validating Reliance Industries' capability in incubating and building disruptive next-generation businesses, while delivering market defining shareholder value.
On the partnership with Facebook, Mr Mukesh Ambani, Chairman and MD Reliance Industries Ltd, said, ''When Reliance launched Jio in 2016, we were driven by the dream of INDIA'S DIGITAL SARVODAYA ? India's Inclusive Digital Rise to improve the quality of life of every single Indian and to propel India as the world's leading Digital Society. 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 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,'' it said.(UNI)
