Mumbai, April 22, 2020: Facebook has announced a significant investment of $ 5.7 billion (Rs 43,574 crore) in Reliance Industries’ Jio Platforms – this will translate into a 9.99% equity stake.
Jio Platforms, a wholly-owned subsidiary of Reliance Industries , is a next-generation technology company building a digital society for India by bringing together Jio’s leading digital apps, digital ecosystems and a high speed connectivity platform under one umbrella. Reliance Jio Infocomm Limited, which provides connectivity platform to over 388 million subscribers, will continue to be a wholly-owned subsidiary of Jio Platforms.
Jio’s digital platform is powered by leading technologies such as Broadband connectivity, Smart Devices, Cloud and Edge Computing, Big Data Analytics, Artificial Intelligence, Internet of Things, Augmented and Mixed Reality and Blockchain. During the current Covid-19 crisis, Jio’s platforms have been a dependable and inclusive digital lifeline for Indians|
The partnership between Facebook and Jio is notable in many ways. This is the largest investment for a minority stake by a technology company anywhere in the world and the largest FDI in the technology sector in India. The investment values Jio Platforms amongst the top 5 listed companies in India by market capitalization, within just three and a half years of launch of commercial services, validating Reliance Industries’ capability in incubating and building disruptive next-generation businesses, while delivering market defining shareholder value.|
This partnership is expected to accelerate India’s all-round development: the focus will be India’s 60 million micro, small and medium businesses, 120 million farmers, 30 million small merchants and millions of small and medium enterprises in the informal sector, in addition to empowering people seeking various digital services.|
Says Mukesh Ambani, Chairman and Managing Director, Reliance Industries: “When Reliance launched Jio in 2016, we were driven by the dream of 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 the ‘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.”