Facebook has bought a 9.9% stake in Reliance Jio for Rs 43,574 crore in a deal that gives the social media giant a firm foothold in India’s fast-growing market.
Commenting on the deal, Reliance said this is the largest investment for a minority stake by a technology company anywhere in the world.
Facebook said, “…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.”
Since its launch three years ago, Jio, led by billionaire Mukesh Ambani, has grown at a fast pace to become India’s largest telecom company.
For Facebook, India has in recent years emerged as a critical market. The company has more users in India than any other country.
“All of us at Reliance are 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,” said Ambani, chairman and managing director, RIL.
Facebook has announced an investment of ₹ 43,574 cr in Reliance Jio for a 9.99% stake, making this the largest technology sector FDI in India.
Mark Zuckerberg, CEO & Founder, Facebook, talks about the #FacebookJioDeal
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