Both companies hope to accelerate India’s digital transformation with this new collaboration.
Facebook has invested USD 5.7bn in Jio Platforms Limited, part of Reliance Industries Limited, making it the largest minority shareholder in the telecoms group, owned by India’s richest man, Mukesh Ambani. With the investment, Facebook has acquired a 9.9% stake in Jio Platforms, a wholly-owned subsidiary of India-based Reliance Industries.
Commenting on the partnership with Facebook, Mukesh Ambani, chairman and MD, Reliance Industries, 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 Shri 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.
David Fischer, Chief Revenue Officer at Facebook added: “India is a special country for us. Over the years, Facebook has invested in India to connect people and help businesses launch and grow. We are excited about furthering our investment in India’s vibrant digital economy. Our efforts with Jio will be focused on opening new doors and fueling India’s economic growth and the prosperity of its people. We look forward to working with Jio, and to future collaborations in India to advance this vision.”