Mark Zuckerberg’s Facebook announces investment of $5.7 (₹43,574 crore) billion in the digital assets of Mukesh Ambani’s Reliance Jio (the telecom unit of Reliance Industries (RIL).
Facebook said it would focus on collaborating between its messaging platform WhatsApp and Reliance Industries’s e-commerce venture JioMart.
“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,” said Zuckerberg in his Facebook post announcing the investment.
“My fellow Indians, I’m here to share some exciting news with you. All of us at Reliance Jio are delighted to welcome Facebook Inc. as our partner. At the core of this partnership is a commitment Mark Zuckerberg and I share for the digital transformation of India,” said Mukesh Ambani in response to the investment.
The U.S. company is buying about 10 per cent of Jio Platforms, becoming the largest minority shareholder of Reliance Industries.