Facebook on Wednesday announced an investment of Rs 43,574 crore to buy a 10 per cent stake in Mukesh Ambani-owned Reliance Jio.
Facebook made the move as it aims to expand its presence in the market in terms of subscriber base.
“Today we are announcing a USD 5.7 billion, or Rs 43,574 crore, investment in Jio Platforms Ltd, part of Reliance Industries Ltd, making Facebook its largest minority shareholder,” a release issued to the media stated.
In a separate statement, Reliance said, “Facebook’s investment will translate into a 9.99 per cent equity stake in Jio Platforms on a fully diluted basis.”.
The deal between Facebook and Reliance Jio is part of value unlocking by Reliance India Limited (RIL) to cut debt.
“The synergy between Jio and Facebook will help realise the goal of ‘Digital India’,” said Mukesh Ambani in a statement.
“In the post-corona era, I am confident of India’s economic recovery and resurgence in the shortest period of time,” he added.