Facebook buys 9.99% stake in Reliance Jio for Rs 43,574 crore
Facebook buys 9.99% stake in Reliance Jio for Rs 43,574 crore
Mukesh Ambani’s Reliance Industries Ltd and Mark Zuckerberg-founded Facebook have signed a mega deal of Rs 43,574 crore, giving the US-based social media firm a 9.99% equity stake in homegrown mobile network Jio.
The two companies now plan to leverage their joint reach with RIL’s pet project JioMart and Facebook-owned Whatsapp to help connect kirana stores with consumers. "In the very near future, JioMart — Jio's digital new commerce platform — and WhatsApp will empower nearly 3 crore small Indian kirana shops to digitally transact with every customer in their neighbourhood," RIL chairman Mukesh Ambani said in a video statement in the morning. For customers, it means that they can order and get faster delivery of day-to-day items from nearby local shops, Mukesh Ambani added. Facebook and RIL now together look to empower India’s digital economy.
Mukesh Ambani’s Reliance Industries Ltd and Mark Zuckerberg-founded Facebook have signed a mega deal of Rs 43,574 crore, giving the US-based social media firm a 9.99% equity stake in homegrown mobile network Jio.
The two companies now plan to leverage their joint reach with RIL’s pet project JioMart and Facebook-owned Whatsapp to help connect kirana stores with consumers. "In the very near future, JioMart — Jio's digital new commerce platform — and WhatsApp will empower nearly 3 crore small Indian kirana shops to digitally transact with every customer in their neighbourhood," RIL chairman Mukesh Ambani said in a video statement in the morning. For customers, it means that they can order and get faster delivery of day-to-day items from nearby local shops, Mukesh Ambani added. Facebook and RIL now together look to empower India’s digital economy.
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