Reliance Industries Chairman Mukesh Ambani said he is delighted to welcome Facebook as a long-term partner and added that the deal will prove to be a catalyst to make India one of the world’s leading digital societies.

Ambani's statement came in after Reliance Industries informed that Facebook was investing Rs 43,574 crore ($5.7 billion) in its subsidiary Jio Platforms for a 9.99 percent stake. The investment makes Facebook the largest minority shareholder in Jio Platforms and values the RIL technology arm at Rs 4.62 lakh crore ($66 billion) pre-money enterprise value.

“At the core of the partnership is the commitment that Mark Zuckerberg and I share for the all-around digital transformation of India and for serving all Indians," Ambani said in a video message.

Ambani further said that he is confident of India's recovery in post-coronavirus era.

"This partnership will make an important contribution to this transformation," he said.

(Also read: Facebook-Jio deal signals turnaround for telecom, but fewer tariff hikes seen: Jefferies)

"Over the past few years, Facebook, WhatsApp and Instagram have become household names in India. The combined power of Jio's world-class digital connectivity platform and Facebook's intimate relationship with the Indian people, will offer innovative new solutions to each one of you," he added.

In the very near future, Ambani said, JioMart – Jio's digital new commerce platform, and Whatsapp – will empower nearly 3 crore small Indian Kirana shops to digitally transact with every customer in their neighbourhood.

"This means all of you can order and get faster delivery of day-to-day items, from nearby local shops. At the same time small Kiranas can grow their businesses and create new employment opportunities using digital technologies," Ambani added.

The goal of this investment is to enable new opportunities for businesses of all sizes, especially for small businesses across the country.

(Disclaimer:

Reliance Industries Ltd., which also owns Jio, is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.)

First Published:Apr 22, 2020 9:11 AM IST