On Wednesday, Facebook announced an investment of $5.7 billion (Rs 43,574 crore) in the reliance telecom unit. The investment aims to make it the largest minority shareholder in Jio Private Limited.
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Mark Zuckerberg, founder of Facebook, said, now facebook focuses on combining its chatting messaging platform Whatsapp with Jio Mart, an e-commerce platform of Reliance. This will allow people to involve in small businesses.
Jio said,
“Facebook’s investment will translate to a 9.99% equity stake in Jio Platforms on a fully diluted basis.”
According to reports, the deal has signed at a time when Facebook-owned WhatsApp has got approval to spread its digital payment service in India.
Now 400 millions people used Whatsapp in India, and that’s why its considered to be the biggest market. In late 2016, Reliance Jio, the most popular telecom carrier managed by Mukesh Ambani, began operations.
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Financial Times reported that Facebook owner was in talks for a 99.9% stake in Jio, but the talks were postponed due to the worldwide lockdown amid the Coronavirus pandemic.