Facebook has bought a 9.9% stake in #RelianceJio for $5.7 Bn (₹ 43,574 Cr).
By Key Takeaways:
- The deal will help reduce #Jio debt burden (₹1.08 lakh crore) significantly
- The #socialmedia giant will become the largest minority shareholder in Jio
- It is the most significant investment for a minority stake by a #technology company anywhere in the world
- It is the largest #FDI in the technology space in #India.
- Integration of #JioMart with #WhatsApp, which has more than 400 Mn users in India, will enable people to connect with businesses, shop and ultimately purchase products in a seamless mobile experience
- It will help in boosting government #DigitalIndia initiative
- Proximity to Ambani’s will help #MarkZuckerberg led company avoid frequent scrutiny by #NarendraModi government
- Creation of a super multi-purpose app, similar to #WeChat that lets users engage with essential services under one banner
- Will help #FB expands its free internet initiative, free basics, in #India
- It will help #Lasso grows its user base and compete with its rival #TikTok in India
- Will help Indian #Startups to secure aggressive funding from FB
- The partnership will create more affordable digital-based solutions for 1.3 Bn people
- Strengthening of India-US strategic partnership