Facebook takes $5.7 billion stake in Jio

Facebook takes $5.7 billion stake in Jio

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Facebook has made a huge bet on India by investing $5.7 billion into Jio Platforms, the tech subsidiary of multinational conglomerate Reliance Industries. Jio variously operates broadband, mobile services, and online commerce platforms, and Facebook’s investment gives it around a 10 percent stake in the company, making it the largest minority shareholder.

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Mukesh Ambani:

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.

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