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| Facebook Buys 9.9% Stack in Reliance Jio |
Facebook has bought a 9.9% stack in india telecom giant RIL(Reliance) Jio for $5.7 billion (RS 43,547 Crore). It will help india telecom giant RIL to cut their debts.
The deal value Jio at RS 4.62lakh crore($65.95 Billion).
RIL said this is the largest investment for a minority stake by a technology company anywhere in the world and the largest FDI in the technology sector in India. The investment values Jio Platforms amongst the top 5 listed companies in India by market capitalization, within just three and a half years of the launch of commercial services, it said in a statement.
Facebook said, "our excitement for the dramatic transformation that Jio has spurred in the country. In less than four years, Jio has brought more than 388 million people online, fueling the creation of innovative new enterprises and connecting people in new ways. We are committed to connecting more people in India together with Jio."
The company further added, "Our goal is to bring opportunities for all sized businesses, but specially for the more than 6 crore small businesses all over India."
One possible collaboration could be, said David Fischer, Chief Revenue Officer at Facebook, and Ajit Mohan, VP and Managing Director of Facebook India, bringing together JioMart, an e-commerce business that is a joint venture between Jio and Reliance Retail (nation’s largest retail chain), with WhatsApp, which counts India as its biggest market with more than 400 million users. It’s also the most popular smartphone app in India.
“We can enable people to connect with businesses, shop, and ultimately purchase products in a seamless mobile experience,” they said.
Reliance Jio which began its commercial telecom operation in mid of 2016 and offered 4G Data and free voice calls for 6 months to their users free of cost. further, they introduced very cheap tariff plans which led other telco companies like Vodafone and Airtel to revise their data plans and mobile Talktime plans.
Reliance jio also owns a lot of services like Online music streaming through Jio Saavan, On-Demand online streaming TV Services using JioTV, and payment services JioPay.
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