Amidst all the chaos of the coronavirus pandemic, India has today woke up to big business news. World's digital giant Facebook declared that it is going to invest $5.7 billion in Indian based Reliance Jio. With it, it owns a 9.9 percent stake in the company. This made it the largest investment for a minority stake by a technology company in the entire world. Facebook's founder and CEO Mark Zuckerberg has officially announced the news. He thanked Reliance Jio's head Mukesh Ambani for this partnership. He further added that he is looking forward to work together.
In an official note, Zuckerberg stated, "There's a lot going on in the world right now, but I wanted to share an update on our work in India. Facebook is teaming up with Jio Platforms. We're making a financial investment, and more than that, we're committing to work together on some major projects that will open up commerce opportunities for people across India. India is home to the largest communities on Facebook and WhatsApp, and a lot of talented entrepreneurs. The country is in the middle of a major digital transformation and organizations like Jio have played a big part in getting hundreds of millions of Indian people and small businesses online. 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."
"With communities around the world in lockdown, many of these entrepreneurs need digital tools they can rely on to find and communicate with customers and grow their businesses. This is something we can help with. That's why we're partnering with Jio to help people and businesses in India create new opportunities. I want to thank Mukesh Ambani and the entire Jio team for their partnership. We're looking forward to getting started," he added.
Even Mukesh Ambani expressed his happiness over this collaboration. He said that it would be a great catalyst to make India the world's leading digital society. He added that the entire Jio family is very humbled by this collaboration. Ambani said that Jio and Facebook will work to accelerate the Indian economy.