| Advertisement |
April 22 (UPI) -- Facebook has announced it's investing $5.7 billion into Jio Platforms, an Indian technology company. The social media giant said Tuesday the deal makes it Jio's largest minority shareholder with a 9.99 percent equity stake.
Advertisement
Jio Platforms is a firm that encompasses several services, including Reliance Jio Infocomm Limited, a telecommunications company it says has more than 380 million subscribers.
"This investment underscores our commitment to India and our excitement for the dramatic transformation that Jio has spurred in the country," Facebook Chief Revenue Officer David Fischer and Ajit Mohan, vice president and managing director for India, said in a statement.
The pair said Jio has brought more than 388 million people in India online in under four years, and Facebook plans to collaborate on connecting the country's growing Internet users with more than 60 million small businesses.
They said India is in the midst of one of the "most dynamic social and economic transformations" the world has ever seen due to the rapid adoption of digital technologies, and plan to create ways for business and people to operate in the digital economy.
"We are excited about furthering our investment in India's vibrant digital economy," they said. "Our efforts with Jio will be focused on opening new doors and fueling India's economic growth and the prosperity of its people."
In a separate statement, Jio said the deal, pending regulatory and customary approvals, is the largest investment for a minority stake by a technology company.
Mukesh Ambani, chairman and managing director of Jio parent company Reliance Industries Limited, said he's "humbled" to welcome Facebook as a long-term partner to "transform the digital ecosystem of India for the benefit of all Indians."
Jio said its goal is to create new opportunities, especially for small businesses, to create "digital ecosystems that will empower, enrich and uplift the lives of all 1.3 billion Indians."
