Facebook has pledged to buy a 9.99 percent stake in Reliance Industries Jio Platforms for Rs 43,574 crore ( $ 5.7 billion). official information about this has been provided by Facebook. With this deal Facebook has become the largest shareholder company of Reliance Jio.
Facebook CEO Mark Zuckerberg wrote about this deal on his Facebook post,
here’s a lot going on in the world right now, but I wanted to share an update on our work in India. 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.
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 organizations like Jio have played a big part in getting hundreds of millions of Indian people and small businesses online.
This is especially important right now, because small businesses are the core of every economy and they need our support. India has more than 60 million small businesses and millions of people rely on them for jobs. With communities around the world in lockdown, many of these entrepreneurs need digital tools they can rely on to find and communicate with customers and grow their businesses. This is something we can help with — and that’s why we’re partnering with Jio to help people and businesses in India create new opportunities.
I want to thank Mukesh Ambani and the entire Jio team for their partnership. We’re looking forward to getting started.
Impact on the Stock Market
With this, the stock price of Reliance Industry broke the upper circuit and showed a positive sentiment on the stock market. Reliance Industries’s share price increased by ₹121.65 by the day end. With this, the Nifty also moved up.
Follow us on Twitter for more updates.