Facebook Announces Partnership with Reliance Jio Buys 9.99% Shares.
Facebook Announces Partnership with Facebook Buys 9.99% Shares and decided to invest $5.7 Billion or Rs. 43,574 Crore into Jio Platforms.
After deal value, Jio reached at Rs. 4.62 lakh crore ($65.95 billion). This deal will help JIO in the e-commerce platform JioMArt and to support small businesses on WhatsApp.
Both Facebook and Reliance given statement as follows:
Facebook said, "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."
"One focus of our collaboration with Jio will be creating new ways 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."
Ambani, chairman and managing director, RIL, said, the partnership with Facebook will make an important contribution to India’s economic recovery and resurgence in the shortest period of time in the post-Corona era. “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,” he said.
"Reliance Industries Limited, Jio Platforms Limited and Facebook, Inc. today announced the signing of binding agreements for an investment of Rs 43,574 crore by Facebook into Jio Platforms," RIL said in a statement on Wednesday.
"This investment by Facebook values Jio Platforms at Rs4.62 lakh crore pre-money enterprise value ($65.95 billion, assuming a conversion rate of Rs70 to a US Dollar). Facebook’s investment will translate into a 9.99% equity stake in Jio Platforms on a fully diluted basis," the oil to telecom business house added.
After the partnership news comes in the market, Reliance Industries share increase up-to 8 percent.