Facebook buys 9.99% of India’s Jio Platforms for $5,252M

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Facebook buys 9.99% of India's Jio Platforms for $5,252M

Facebook has invested $5.7 billion (5.252 million euros) in buying a 9.99% stake in the company Jio Platforms, owned by Conglomerate Reliance Industries Limited, which makes the company founded by Mark Zuckerberg the main minority shareholder of the Asian company, both companies reported.

According to Reliance Industries, led by Mukesh Ambani, India’s richest man, Facebook’s investment awards a valuation of $65.950 billion (60,717 million euros) to Jio Platforms as a whole.

For its part, Facebook noted that one of the key elements of collaboration between the two companies involves the creation of new ways of operating people and companies in the digital economy, for which it is committed to establishing a partnership between JioMart, the e-commerce platform for SMEs of the Indian firm, with Whatssap, to allow the public to make purchases.

This investment underscores our commitment to India and our enthusiasm for the transformation Jio has brought about in the country. In less than four years, Jio has connected more than 388 million people, driving the creation of innovative new companies and connecting people in new ways,” the social network said.

“The synergy between Jio and Facebook will help realize the goal of a ‘Digital India’ of Prime Minister Narendra Modi,” said Mukesh Ambani, President and Managing Director of Reliance Industries. “In the post-coronavirus era, I am confident in India’s economic recovery and resurgence in the shortest possible time. This collaboration will surely make an important contribution to this transformation.”

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