Facebook-Jio Deal: Read what Mark Zuckerberg has to say
Facebook founder and CEO Mark Zuckerberg shared a post on Facebook stating that the social media giant is going to be working on some major projects in India that will open up commerce opportunities
Facebook now owns 9.9% stake in Reliance Jio. The deal is worth ₹43,574 crores ($5.7 billion) and it gives Reliance Industries Ltd (RIL) a chance to reduce its debt burden while Facebook, on the other hand, creates a foothold in a fast-growing market.
This deal values Jio at $65.95 billion.
"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:
You can read Zuckerberg's full post here:
"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."