Facebook on Wednesday announced an investment of USD 5.7 billion (Rs 43,574 crore) for acquiring a minority stake in Jio Platforms Ltd because it looks to expand presence in its largest market in terms of subscriber base.
"Today, we are announcing a USD 5.7 billion, or Rs 43,574 crore, investment in Jio Platforms Limited, a part of Reliance Industries Limited, making Facebook its largest minority shareholder," the corporate said during a statement.
In a statement, Facebook co-founder Mark Zuckerberg said, "There's tons happening within the world immediately , but I wanted to share an update on our add India. Facebook is teaming up with Jio Platforms -- we're making a financial investment, and quite that, we're committing to figure together on some major projects which will open up commerce opportunities for people across India."
"India is home to the most important communities on Facebook and WhatsApp, and tons of talented entrepreneurs. The country is within the middle of a serious digital transformation and organizations like Jio have played an enormous part in getting many many Indian people and little businesses online," Mark Zuckerberg added.
The deal, Mark Zuckerberg said, was important at this point because the small businesses need the support.
"This is particularly important immediately , because small businesses are the core of each economy and that they need our support. India has quite 60 million small businesses and many people believe them for jobs. With communities round the world in lockdown, many of those entrepreneurs need digital tools they will believe to seek out and communicate with customers and grow their businesses. this is often something we will help with -- and that is why we're partnering with Jio to assist people and businesses in India create new opportunities," Mark Zuckerberg said.