Reliance Jio and Facebook have announced a strategic partnership as a part of which the social media giant would invest a sum of $5.7 billion or Rs 43,574 in Jio’s platform and services and Reliance Retail among others.
The latest partnership gives Facebook a 9.99% stake in Jio platform, which is the largest foreign investment in India.
As a part of the deal that valuates Reliance Jio at Rs 4.62 lakh crores or $65.95 billion dollars, the two companies will focus on empowering micro, small and medium enterprises in India, which includes 120 million farmers, 30 million small merchants and millions of small and medium enterprises in the informal sector among others. In addition to that, the two companies will work to accelerate the kiranas who can provide products and services to their homes by transacting with JioMart using WhatsApp.
Speaking on the occasion, the Chairman and MD of Reliance Industries, Mukesh Ambani, said that he was optimistic about the partnership making an important contribution towards India’s economic development.
Here’s what he said:
When Reliance launched Jio in 2016, we were driven by the dream of INDIA’S DIGITAL SARVODAYA – India’s Inclusive Digital Rise to improve the quality of life of every single Indian and to propel India as the world’s leading Digital Society. All of us at Reliance are therefore 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. The synergy between Jio and Facebook will help realise Prime Minister Shri Narendra Modi’s ‘Digital India’ Mission with its two ambitious goals — ‘Ease of Living’ and ‘Ease of Doing Business’ – for every single category of Indian people without exception. In the post-Corona era, I am confident of India’s economic recovery and resurgence in the shortest period of time. The partnership will surely make an important contribution to this transformation.
