Industrialist Anand Mahindra has termed the Facebook-Reliance Jio deal as a signal towards the role India will play in the world economy after the COVID-19 crisis. The business tycoon tweeted that the move shows that the country will become the centre of global economic structure.

“Jio’s deal with Facebook is good not just for the two of them. Coming as it does during the virus-crisis, it is a strong signal of India’s economic importance post the crisis. It strengthens hypotheses that the world will pivot to India as a new growth epicentre. Bravo Mukesh!” the Mahindra Group chairman tweeted.

The response by Anand Mahindra came after the announcement of the news that tech giant Facebook will be joining hands with Reliance Jio. Facebook will invest Rs 43,574 crore in Jio Platforms as part of the deal in return for 9.99 percent equity stake.

The timing of the deal is significant given the precarious position of the economy following the spread of coronavirus pandemic leading to concerns of a global economic recession.

The deal besides making Jio the most valued telecom company in the country at Rs 4.62 lakh crore will also make Jio one among the top five listed companies in India by market capitalization along with Reliance Industries, Tata Consultancy Services, Hindustan Unilever and HDFC Bank.

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First Published:Apr 22, 2020 5:04 PM IST