On April 21, Facebook and Jio announced that the giant social media network Facebook has invested a total of $5.7 billion in Jio platforms, tech subsidiary of multinational conglomerate Reliance […]
On April 21, Facebook and Jio announced that the giant social media network Facebook has invested a total of $5.7 billion in Jio platforms, tech subsidiary of multinational conglomerate Reliance Industries Limited. By doing this investment Facebook solely becomes the biggest minority shareholder.
Jio is the largest telecom sector company with an estimated 32.14%, market share in India. Previously, solely owned by Reliance Industries and now after Facebook investment, it becomes a 90.1% share in Jio, whereas Facebook, Inc. acquired a 9.9% share in the company by making one of the biggest investments in India.
Anil Ambani the Chairman of Reliance group also provides a statement through a video about Reliance Jio and Facebook deal.
Watch: Statement by Mukesh Ambani on Facebook-Reliance Jio deal | https://bit.ly/2VqZ2k9
Posted by The Economic Times on Tuesday, April 21, 2020
Video: The Economic Times (Facebook)
Facebook in a newsroom post, asserted that they want to enable new opportunities for businesses of all sizes, but especially for the more than 60 million small businesses all across India. So, Jio has the large userbase. Since the beginning, Jio has broken all telecom business records in India year after year. In just 5 years Jio has successfully captured the largest telecom sector share with over 370.7 million subscribers. Jio also becomes the third-largest mobile network operator in the world.
Although Facebook is in India for a while now, Facebook’s primary massive footprint in the country comes from WhatsApp userbase of over 400 million people when they purchased it in February 2014.