Facebook, in one of the biggest investments in India, bought a $5.7 dollar stake in Reliance Industries Limited’s (RIL) Jio subsidiary.
Mumbai| Facebook’s investment in Reliance’s subsidiary Jio worth $5.7 billion “is a strong signal of India’s economic importance after the coronavirus crisis is over,” Industrialist Anand Mahindra Tweeted. He congratulated Mukesh Ambani of RIL for winning the mega-deal from the social media giant.
“Jio’s deal with Facebook is good not just for the two of them. Coming as it does during the virus-crisis, it is a strong signal of India’s economic importance post the crisis. It strengthens hypotheses that the world will pivot to India as a new growth epicentre. Bravo Mukesh!” Anand Mahindra tweeted.
Facebook, in one of the biggest investments in India, bought a $5.7 dollar stake in Reliance Industries Limited’s (RIL) Jio subsidiary, both the companies informed on Wednesday.
Jio’s deal with Facebook is good not just for the two of them. Coming as it does during the virus-crisis, it is a strong signal of India’s economic importance post the crisis. It strengthens hypotheses that the world will pivot to India as a new growth epicentre. Bravo Mukesh! https://t.co/5rIi6WOjWf
— anand mahindra (@anandmahindra) April 22, 2020
“Facebook is teaming up with Jio Platforms – we’re making a financial investment, and more than that, we’re committing to work together on some major projects that will open up commerce opportunities for people across India,” Facebook founder Mark Zuckerberg wrote on his social media page.
He further added, “India is home to the largest communities on Facebook and WhatsApp and a lot of talented entrepreneurs. The country is in the middle of a major digital transformation and organisations like Jio have played a big part in getting hundreds of millions of Indians, small businesses online.”
Mr. Ambani was quoted by news agency ANI saying, “At the core of our partnership is the commitment Facebook founder Mark Zuckerberg and I share for the all-round digital transformation of India and for serving all Indians.”
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