Facebook buys 10% of Reliance jio stake for Rs 43,574 crores
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Facebook will invest $5.7 billion in Reliance Jio |
Facebook buys 10% of Reliance jio stake for Rs 43,574 crores
An US based company Facebook is going to invest into Jio Platforms a unit of Reliance Industries of Rs 43,574 crores for 9.99% stake . Facebook has made an huge bet by investing into Jio platforms.
Jio variously operates mobile services, and online commerce platforms, Facebook's investment into Reliance Jio will give around 10% stake in the Reliance company. It will make Facebook largest minority shareholder.
This deal will make Mukesh ambani- owned RIL reduce debt further allow Mark Zuckerberg company get a stronger with the US largest market. Both the companies said that they will work together on some of the major project that will open up commerce opportunities for people across India.
India is in the middle of digital transformation organization like Jio have played a big part in getting hundreds of millions of Indian people and small businesses online Facebook founder CEO Mark Zuckerberg said in a post.
Facebook buys 10% of Reliance jio stake for Rs 43,574 crores
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According to Economic Times Facebook and Reliance will create An "Super App" like WeChat |
In India the messaging services has 40 crores of users in India , reaching nearly 80 percent of smartphone users in the country. This deal will also help the social media giant leverage WhatsApp to partner with Reliance's e-commerce marketplace Jiomart, that connect small business to the costumers.
Reliance Industries Limited, Jio Platforms Limited and Facebook Inc. today announced the signing agreement for an investments of Rs 43,574 crore by Facebook into oil platforms RIL said in statement on wednesday.
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