Mukesh Ambani-led Reliance Industries Ltd (RIL) has reached an agreement between Geo Platforms Limited and Facebook. Under this, Facebook is buying a 9.9 percent stake in Jio Platforms. That is, Facebook will invest Rs 43,574 crore in Jio Platforms. Both companies have given this information on Wednesday. RIL has said that the agreement has led to a commercial partnership agreement between Jio Flatforms, Reliance Retail, and WhatsApp.
About the deal, Facebook said that the investment reflects its commitment to India. Facebook said, ‘Jio has brought unexpected changes in India. Jio has brought more than 38.80 crores, people, online in less than four years. This agreement reflects our enthusiasm for Jio. We will work with Jio to reach more people. Significantly, JioMart is the new digital platform of Jio. Geomart and Facebook’s WhatsApp plan to bring 30 million small Indian grocery stores online.
Facebook CEO Mark Zuckerberg said in a statement, ‘There is a lot going on in the world at the moment, but I want to share with you an update about our work in India. Facebook is coming with Jio Platforms. We are making a financial investment and more than that we are committed to working together on some big projects that open up business opportunities for people across India. ‘
He further added, ‘India is a big country using Facebook and WhatsApp. At the same time, there are a lot of talented entrepreneurs. This country is currently standing in the midst of major digital transformation. Organizations like Jio have played a big role in bringing crores of Indians and small industries online. ‘
Zuckerberg went on to say, ‘This is important at this time because small businesses are a fundamental part of any economy and they are still needed by us. There are around 60 million small businesses in India and crores of people depend on them for jobs. There is a lockdown in many countries of the world at the moment and many entrepreneurs are feeling the need for digital tools so that they can reach their customers. We can use them a lot. That is why we have partnered with Jio. I thank Mukesh Ambani and the entire Jio team for this partnership. We are eager to get started. ‘