Facebook Invests Rs 43,000 crore in Jio
The world’s largest social media company Facebook has announced a $5.7 billion, or ? 43,574 crore, investment in Jio. Watch our latest video for all the updates.
For a longtime there were rumours that Facebook was planning to invest in Mukesh Ambani’s Reliance Industries Limited. Now the rumours have been confirmed. The world’s largest social media company has announced a $5.7 billion, or ? 43,574 crore, investment in Jio. Jio is India's biggest telecommunication company with more than 388 million users.
Now Facebook will own 9.99% of shares in Jio. Facebook says it hopes to create new opportunities for businesses in India, especially small businesses. Now that Facebook and Jio are working together, Facebook’s WhatsApp will help Jio connect its customers and increase business. This is because WhatsApp reached 80% of smartphone users in India. For the first time a foreign company has invested so much money in a Indian technology company. Mukesh Ambani, Chairman and Managing Director, Reliance Industries Ltd, said, "Jio and Facebook will help realize PM Modi's 'Digital India'. Mission with its two ambitious goals - 'Ease of Living' and 'Ease of Doing Business' - for every Indian."
