Mark Zuckerberg’s Facebook has agreed to buy a 9.99% equity stake in Reliance Jio for Rs 43,574 crore, with an intent of looking forward to the country’s 6 crore small businesses and a huge digital customer base of 1.3 billion users. This deal is the first huge international deal announced this year.
The deal estimates nearly four-year old Reliance Jio at Rs 4.62 lakh crore, the company said in a statement. In a statement company clarifies, that, Facebook hopes to get a ground in the market potential of India’s countless small and medium businesses, 12 crore farmers, and 3 crore small merchants, for its social media apps Facebook, WhatsApp and Instagram, the statement said.
This is the biggest investment for a minority stake by a technology company anywhere in the world and the largest FDI in the technology sector in India, the statement said.
Adding on, the deal values Reliance Jio as one of the five largest companies in India by market capitalisation.
“Our goal with this investment is to enable new opportunities for businesses of all sizes, but especially for small businesses across India and create new and exciting digital ecosystems that will empower, enrich and uplift the lives of all 1.3 billion Indians,”