Popular Countries

Big agreement between Reliance Industries & Facebook

By Akshay Dhiman . 24th April 2020 07:00pm
Big agreement between Reliance Industries & Facebook

On Wednesday Reliance Industries Limited (RIL), Jio Platforms Limited and Facebook announced an agreement has been reached between them. Under this agreement, Facebook will invest Rs 43,574 crore in Jio platforms. With this investment from Facebook, the pre-money enterprise value of Jio platforms is estimated at Rs 4.62 lakh crore. Facebook is buying 9.9 percent stake in Jio platforms through this investment. 

Mukesh Ambani, Chairman and Managing Director of Reliance Industries said, "We will bring new and innovative solutions to each of you, thanks to the shared strength of Jio's world-class digital connectivity platform and Facebook's close ties with the Indian people." In the near future, JioMart which is Jio's new digital commerce platform and WhatsApp together, will enable about 3 crore small Indian grocery stores to do digital transactions. These shopkeepers will be able to do digital transactions with their customers. This means that you will be able to order and deliver daily items from all local shops.

Reliance Industries said that with this investment, there has been a commercial partnership agreement between Jio Platforms, Reliance Retail and Facebook's WhatsApp. Under this, Reliance Retail's New Commerce business on the Jiomart platform will go a long way in expanding through WhatsApp. Also, small businesses will also get help on WhatsApp

Commenting on the transaction, Facebook said, "This investment reflects our commitment to India, as well as our enthusiasm for the way Jio has brought unprecedented change in the country." In less than four years, Jio has played a big role in bringing more than 38.80 crore people online. We are committed to connecting more people with Jio. '

This investment by Facebook will significantly help Reliance Industries, a well-known company from oil to telecom sector , to reduce its debt.