Thursday, 23 April 2020 09:40

Facebook takes US$5.7b stake in India's Jio Platforms

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Facebook takes US$5.7b stake in India's Jio Platforms Image by Gerd Altmann from Pixabay

Facebook has announced an investment of US$5.7 billion (A$9.3 billion) in Jio Platforms, a company that owns India's biggest mobile provider with nearly 388 million subscribers. The social media giant has thus become the biggest minority shareholder in the company.

Jio Platforms is owned by Reliance Industries, one of the India's bigger corporates, and the investment values the platform at US$65.95 billion.

Reliance Industries chairman and managing director Mukesh Ambani said: “When Reliance launched Jio in 2016, we were driven by the dream of India's Digital Sarvodaya – India’s Inclusive Digital Rise to improve the quality of life of every single Indian and to propel India as the world’s leading digital society.

"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.

"The synergy between Jio and Facebook will help realise Prime Minister Narendra Modi’s ‘Digital India’ Mission with its two ambitious goals — ‘Ease of Living’ and ‘Ease of Doing Business’ – for
every single category of Indian people without exception.

"In the post-corona era, I am 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.”

In a statement, Facebook said it would be looking to create more avenues for people and businesses to interact more efficiently.

"For instance, by bringing together JioMart, Jio’s small business initiative, with the power of WhatsApp, we can enable people to connect with businesses, shop and ultimately purchase products in a seamless mobile experience," the social media firm added.


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Sam Varghese

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Sam Varghese has been writing for iTWire since 2006, a year after the site came into existence. For nearly a decade thereafter, he wrote mostly about free and open source software, based on his own use of this genre of software. Since May 2016, he has been writing across many areas of technology. He has been a journalist for nearly 40 years in India (Indian Express and Deccan Herald), the UAE (Khaleej Times) and Australia (Daily Commercial News (now defunct) and The Age). His personal blog is titled Irregular Expression.

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