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.
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“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.
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“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.