Social media major and Reliance Jio come together as Facebook makes an investment in Jio with is the largest FDI in India's tech sector.
India's telecom industry giant Reliance and Social media biggie Facebook have joined hands as per a statement released by them on Wednesday. The social media major Facebook will be investing Rs. 43,574 crore into Jio platforms which are a part of Reliance. The investment of 10% in one of the biggest markets for the media firm will help Reliance to curb the debt that has occurred as a result of its plan to secure the top place in India with Jio. In separate announcements, the companies suggested that they work together will be to ensure great commerce opportunities for the people across India. The investment is the largest for the technology sector in India and the largest by technology company anywhere in the world in a minority stake. However, Reliance Jio which is a wholly-owned subsidiary of Reliance Platform will continue to be so with its current 388 million subscribers.
Take a look at their statement:
.@Facebook has announced an investment of $5.7 billion or ₹43,574 cr in @reliancejio for a 9.99% stake, making this the largest technology sector FDI in India.
— CNBC-TV18 (@CNBCTV18News) April 22, 2020
Mark Zuckerberg, CEO & Founder, Facebook, talks about the #FacebookJioDeal#DigitalLifeline pic.twitter.com/ByrcLCrgSH
Shri Mukesh D. Ambani, Chairman, Reliance Industries Limited welcomes Mark Zuckerberg, founder @Facebook Inc as a long term and esteemed partner.#WithLoveFromJio #Jio #Facebook #MarkZuckerberg#MukeshAmbani #RelianceJio #JioDigitalLifehttps://t.co/RoHrxUpxZF
— Reliance Jio (@reliancejio) April 22, 2020
However, our Twitterati could not hold back and made these funny memes on Facebook and Jio Reliance deal. Check them out:
Facebook CEO Mark Zuckerberg to buy 9.99 percent stake in #RelianceJio platforms for Rs. 43,574
— lockdown2अंशुल ? (@kaafiibored) April 22, 2020
Meanwhile Sunil Bharti Mittal to Mukesh Ambani: pic.twitter.com/HdKPUaaAbD
Mark Zuckerberg after buying 10% stakes in relaince jio#RelianceJio #MarkZuckerberg pic.twitter.com/kl6pQbW6yR
— Sindhi Chhokro (@seerwani_piyush) April 22, 2020
Facebook invests $5.7 billion in #RelianceJio
— Rachit Oza (@rachitoza) April 22, 2020
VodaAir: pic.twitter.com/hpAnj3hDDK
Also Read: As the prices go down, Desi Twitterati finds a high with these funny crude oil memes
Facebook paying 40,000 crore to #RelianceJio for 9.99% stake pic.twitter.com/WtQqC8bPFV
— Pulkit (@voxxpopli) April 22, 2020
#RelianceJio #facebook
— N I D H I ♥ (@Mnidhi2) April 22, 2020
Facebook investing Rs 44K crore in Reliance JIO
meanwhile Mark Zuckerberg :- pic.twitter.com/dN8xHUXLle
#JioFacebook ambani accept friend request of zuckerberg for 50000 crores... pic.twitter.com/tM8abi0W3C
— Abhilash Ck (@iamabhilashck) April 22, 2020
When you realise Facebook bought 9.99% of Jio for $5.7B#JioFacebook pic.twitter.com/5L7jpyTCNV
— C O S M O S (@notmuchconfused) April 22, 2020
when mark asked to mukesh ambani for investment in jio #JioFacebook pic.twitter.com/Z3DcEcWyIV
— Neeraj Sharma (@ca_neerajsharma) April 22, 2020
#RelianceJio #JioFacebook#Facebook
— Viral Patel (@Drviral112) April 22, 2020
Mukesh Ambani after selling 9.9% #Jio Stakes to #Facebook at bumper price. pic.twitter.com/i3I3QdqzaR