Technology

Facebook buys $5.7 billion stake in Reliance Jio: Here is what the statements say

FB Jio

On April 22, 20202 Facebook announced that it was investing $5.7 billion in Reliance Jio. “Today we are announcing a $5.7 billion, or INR 43,574 crore, investment in Jio Platforms Limited, part of Reliance Industries Limited, making Facebook its largest minority shareholder,” Facebook wrote in a press release.

The social media giant further said that as a part of the investment Facebook said that it would collaborate with Jio so that new ways are created for people and businesses to operate more effectively in the growing digital economy.

“For instance, by bringing together JioMart, Jio’s small business initiative, with the power of WhatsApp, we can enable people to connect with businesses, shop and ultimately purchase products in a seamless mobile experience,” Facebook wrote in a press release.

Facebook also added that with the investment, they were planning to connect with a lot more people in India and grow together with the country.

“This investment underscores our commitment to India, and our excitement for the dramatic transformation that Jio has spurred in the country. In less than four years, Jio has brought more than 388 million people online, fueling the creation of innovative new enterprises and connecting people in new ways. We are committed to connecting more people in India together with Jio,” Facebook said in a statement.

Mark Zuckerberg, in a post on Facebook, said:  

“There’s a lot going on in the world right now, but I wanted to share an update on our work in India. Facebook is teaming up with Jio Platforms — we’re making a financial investment, and more than that, we’re committing to work together on some major projects that will open up commerce opportunities for people across India.

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.

This is especially important right now, because small businesses are the core of every economy and they need our support. India has more than 60 million small businesses and millions of people rely on them for jobs. 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.

I want to thank Mukesh Ambani and the entire Jio team for their partnership. We’re looking forward to getting started.”

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