BIG! Facebook to invest Rs. 43,574 Cr in Reliance Jio
- IndiaGlitz, [Wednesday,April 22 2020]
Facebook has announced that it will invest Rs. 43,574 Cr in Reliance Jio for a 9.99% stake. In India's history, this is the largest FDI in the technology sector.
Collaborations between WhatsApp and Reliance Industries Limited's e-commerce venture JioMart will take place on various fronts.
What Mark Zuckerberg, the founder of Facebook, has said about the collaboration gives a glimpse into what is in store. We are making a financial investment, and more than that, we are committing to work together on some major projects that will open up commerce opportunities for people across India, he says before getting into specifics.
India is home to the largest communities on Facebook and WhatsApp, and a lot of talented entrepreneurs. The country is in the 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, Mark writes.
Leveraging small businesses, which are 60 million in number and providing livelihood opportunities for millions, is on the top of Facebook's mind. With communities around the world in lockdown, many of these entrepreneurs need digital tools they can rely on to find and communicate with customers and grow their 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, Mark says.