Jio Platforms

History

2020: Facebook took 9.9% of the shares Jio Platforms for for $5.7 billion

On April 21, 2020 Facebook announced purchase of 9.9% of Jio Platforms for $5.7 billion. As a result of this transaction the American social network becomes the major minority shareholder of the operator of mobile services, largest in India, and Internet access.

The controlling stake of securities of telecommunication giant remained with Reliance Industries holding of the billionaire Mukesh Ambani. Within the agreement with Facebook all company Jio Platforms was estimated at $66 billion.

Facebook took 10% of shares of the largest Indian telecom operator for $5.7 billion

Less than in  four years Jio attracted  more than 388 million people in the Internet that promoted creation of the new innovation enterprises and  consolidation of people by new methods. We aim to integrate more people in  India together with  Jio , says Facebook.

According to the founder and the head of Facebook Mark Zuckerberg, India is in the heat of large digital transformation, and such companies as Jio, played a big role that "hundreds of millions" of Indians and small business got Internet access.

It is especially important now because small business is a core of each economy, and they need our support — he emphasized.

The American company declared preserving of a course towards strengthening of the relations with the Indian private enterprises, including telecommunication Jio Platforms.

It is reported that one of the directions of cooperation of Facebook with Reliance Jio will be connected with e-commerce. Integration of the JioMart service focused on small business into the WhatsApp messenger, most popular in the country, belonging to Facebook is planned. At the expense of it users will be able to interact with the enterprises and to make purchases in uniform mobile application.

Facebook is going to start in India payment function for WhatsApp.  This service will be connected with the JioMart application developed by Jio Platforms thanks to what the new project can receive hundreds of millions of users at once.^[1]

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