Facebook buys 9.99% stake in Reliance Jio for Rs 43,574 crore

As per the news one of the tech giant Facebook will invest 43,574 crore in Reliance Jio which means a stake of 9.99%. Facebook will primly invest in the Jio services.The investment will value Jio Platforms - a digital apps platform - at Rs 4.62 lakh crore. The deal with help Mukesh Ambani-owned RIL reduce debt further and allow the Mark Zuckerberg-led company get a stronger foothold in what is the US major's largest market.

Reliance Jio - RIL's telecom unit with 388 million subscribers - will continue to remain a wholly owned subsidiary of Reliance Platform. RIL said that this was the largest investment for a minority stake by a technology company anywhere in the world and the largest FDI in the technology sector in India.“This is especially important right now, because small businesses are the core of every economy and they need our support. India has more than 60 million small businesses and millions of people rely on them for jobs,” Zuckerberg said in a Facebook post.

Due to this the Reliance stock has boomed up today in NSE and BSE with a price of  ₹1325.80 at the moment this post is published.The main focus of the deal is to come up with digital based solutions for 60 million micro, small and medium businesses, 120 million farmers, 30 million small merchants and millions of small and medium enterprises in the informal sector.

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