Facebook will invest Rs. 43,574 crore, largest FDI in India's technology sector.
Facebook buys 9.99% stake in Reliance Jio for Rs 43,574 crore...
United_States tech Facebook has required a 9.99 percent stake in Mukesh Ambani's digital operation Reliance Jio, the telecom arm of Reliance Industries Ltd (RIL), for USD 5.7 billion (about Rs. 43,574 crore), in a deal that puts the pre-money enterprise value of Jio Platforms at 4.62 lakh crore. Here is the video statement by Chairman & Managing Director Mukesh Dhirubhai Ambani.
Watch: Statement by Mukesh Ambani on Facebook-Reliance Jio deal
United States social media giant Facebook will invest Rs. 43,574 crore into Jio Platforms, a unit of Reliance Industries NSE 10.20 %, for a 9.99% stake, a development which on Wednesday boosted the shares of India's oil-to-retail conglomerate over 8% in early trade.
The investment will value Jio Platforms - a digital apps platform at Rs 4.62 lakh crore. The deal with help Mukesh Ambani-owned RIL reduce debt further and allow the Mark Zuckerberg-led company get a stronger foothold in what is the US major's largest market.
The investment will value Jio Platforms - a digital apps platform at Rs 4.62 lakh crore. The deal with help Mukesh Ambani-owned RIL reduce debt further and allow the Mark Zuckerberg-led company get a stronger foothold in what is the US major's largest market.
Both companies, in separate statements, said that they will work together on some major projects that will open up commerce opportunities for people across India."This investment by Facebook values Jio Platforms at Rs. 4.62 lakh crore pre-money enterprise" .
In early trade Wednesday, the RIL stock was up 6.8% at Rs1,320.55 on the BSE.
"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.
In early trade Wednesday, the RIL stock was up 6.8% at Rs1,320.55 on the BSE.
"At the core of our partnership is the commitment that Mark Zuckerberg, founder of Facebook, and I share for the all-round digital transformation of India and for serving all Indians…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," said Mukesh Ambani, chairman..
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