<p>In the largest FDI investment in technology sector, global social media giant Facebook has picked up 9.99 per cent stake in Jio Platforms, a unit of oil-to-retail conglomerate Reliance Industries Ltd. </p>.<p>The partnership is expected to play a role by making an important contribution in the post-COVID-19 era, according to RIL chairman Mukesh Ambani and Facebook chairman and CEO Mark Zuckerberg.</p>.<p><a href="https://www.deccanherald.com/national/coronavirus-live-updates-over-1200-new-cases-in-24-hours-indias-tally-crosses-20000-mark-toll-hits-600-827545.html">Follow live updates on coronavirus</a></p>.<p>On Wednesday morning, Reliance Industries Limited, Jio Platforms Limited and Facebook, Inc announced the signing of binding agreements for an investment of Rs 43,574 crore by Facebook into Jio Platforms.</p>.<p>The investment by Facebook values Jio Platforms at Rs 4.62 lakh crore pre-money enterprise value ($65.95 billion, assuming a conversion rate of Rs 70 to a US Dollar). Ambani and Zuckerberg sent out video messages speaking about the deal.</p>.<p>"All of us at Reliance are therefore humbled by the opportunity to welcome Facebook as our long-term partner In continuing to grow and transform the digital ecosystem of India for the benefit of all Indians," Ambani said.</p>.<p>According to him, in the post-coronavirus era, he is confident of India’s economic recovery and resurgence in the shortest period of time. "The partnership will surely make an important contribution to this transformation," he said, adding that the deal will take ahead Prime Minister Narendra Modi's mission of digital India.</p>.<p>Zuckerberg said Facebook with Jio Platforms will work together on some major projects that will open up commerce opportunities for people across India.</p>.<p>"India is home to the largest communities on Facebook and WhatsApp, and a lot of talented entrepreneurs," he said. "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," he said.</p>.<p>As one of the largest countries in the world, India is home to some of Facebook’s most thriving communities on WhatsApp, Facebook and Instagram. </p>.<p>Over the years, Facebook has invested in India based on a strong belief in India’s entrepreneurial talent and opportunity, to help create meaningful impact for Indians and Indian businesses using their multiple platforms. </p>.<p>"The partnership between Facebook and Jio is unprecedented in many ways. 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," a RIL statement said.</p>
<p>In the largest FDI investment in technology sector, global social media giant Facebook has picked up 9.99 per cent stake in Jio Platforms, a unit of oil-to-retail conglomerate Reliance Industries Ltd. </p>.<p>The partnership is expected to play a role by making an important contribution in the post-COVID-19 era, according to RIL chairman Mukesh Ambani and Facebook chairman and CEO Mark Zuckerberg.</p>.<p><a href="https://www.deccanherald.com/national/coronavirus-live-updates-over-1200-new-cases-in-24-hours-indias-tally-crosses-20000-mark-toll-hits-600-827545.html">Follow live updates on coronavirus</a></p>.<p>On Wednesday morning, Reliance Industries Limited, Jio Platforms Limited and Facebook, Inc announced the signing of binding agreements for an investment of Rs 43,574 crore by Facebook into Jio Platforms.</p>.<p>The investment by Facebook values Jio Platforms at Rs 4.62 lakh crore pre-money enterprise value ($65.95 billion, assuming a conversion rate of Rs 70 to a US Dollar). Ambani and Zuckerberg sent out video messages speaking about the deal.</p>.<p>"All of us at Reliance are therefore humbled by the opportunity to welcome Facebook as our long-term partner In continuing to grow and transform the digital ecosystem of India for the benefit of all Indians," Ambani said.</p>.<p>According to him, in the post-coronavirus era, he is confident of India’s economic recovery and resurgence in the shortest period of time. "The partnership will surely make an important contribution to this transformation," he said, adding that the deal will take ahead Prime Minister Narendra Modi's mission of digital India.</p>.<p>Zuckerberg said Facebook with Jio Platforms will work together on some major projects that will open up commerce opportunities for people across India.</p>.<p>"India is home to the largest communities on Facebook and WhatsApp, and a lot of talented entrepreneurs," he said. "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," he said.</p>.<p>As one of the largest countries in the world, India is home to some of Facebook’s most thriving communities on WhatsApp, Facebook and Instagram. </p>.<p>Over the years, Facebook has invested in India based on a strong belief in India’s entrepreneurial talent and opportunity, to help create meaningful impact for Indians and Indian businesses using their multiple platforms. </p>.<p>"The partnership between Facebook and Jio is unprecedented in many ways. 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," a RIL statement said.</p>
