US tech giant Facebook announced that it would invest Rs 43,547 crores ($5.7 billion) in RIL’s wholly-owned subsidiary Jio Platforms to expand its presence in India. This would be Facebook’s biggest minority shareholding ever.
The company said, “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.”
Reliance Jio, a wholly-owned subsidiary of Reliance Industries, has been the fastest-growing telecom network in the country since its launch in 2016. Jio has more than 388 million customers in India.
The company added, “Our goal is to enable new opportunities for businesses of all sizes, but especially for the more than 60 million small businesses across India.
They account for the majority of jobs in the country, and form the heart and soul of rural and urban communities alike. In the face of the coronavirus, it is important that we both combat this global pandemic now, and lay the groundwork to help people and businesses in the years to come.”
Facebook said that its focus would be to create ways for people and businesses to operate more effectively in a digitally growing economy. WhatsApp and Instagram, which are now a major part of lives of Indian people, are also owned by Facebook.
“We are excited about furthering our investment in India’s vibrant digital economy. Our efforts with Jio will be focused on opening new doors and fueling India’s economic growth and the prosperity of its people. We look forward to working with Jio, and to future collaborations in India to advance this vision”, the company added.