In a large deal in the technology space, Facebook will invest Rs 43,574 crore in Jio platforms to expand its presence in India. This investment translates into 9.9 percent stake in Jio and will make Facebook the largest minority shareholder in Reliance Jio.
Talking about this deal Rajan Mathews, director general, Cellular Operators Association of India said, “This is a very bold and innovative move by Jio and it clearly indicates that we as an industry are now looking towards the future. I think this opens the door for a similar type of move from other operators and other entities. We have already seen for example Airtel working closely with Amazon, so we see these types of initiatives happening.”Disclosure
: RIL, the promoter of Reliance Jio, also controls Network18, the parent company of CNBCTV18.com.