Big news coming, social media giants just buy a 9.99% stake in Reliance Jio for Rs 43,574 crore. Now, it good to see what Facebook and Reliance Jio will do because Reliance Jio is the leading telecom company in India and its growing rapidly.
Mukesh Ambani and Mark Zuckerberg, shared a video on their social media account to announced this investment. From there its clear that we will see some big announcements in the coming time.
“Today we are announcing a USD 5.7 billion, or Rs 43,574 crore, investment in Jio Platforms Ltd, part of Reliance Industries Ltd, making Facebook its largest minority shareholder,” the company said in a statement.
As of now, Reliance has 388 million subscribers which is a huge number in the telecom industry. Earlier, we had the news that Google will invest some money in Reliance Jio but now you see Facebook wins the race.
Reliance Jio was launched in 2016 which is not so long ago, you can tell its not an old company but in that short time, Jio becomes the fastest growing telecom company in the world. Jio was cheapest 4G provider in India but now you can’t tell the same in 2020 but still, because of the Jio, we’re using the cheapest 4G network in India.
“The partnership between Facebook and Jio is unprecedented in many ways. This is 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,” Reliance Jio said.