American social media and technology company Facebook Inc. on 23rd April 2002 announced the signing of a binding agreement for an investment of Rs 43,574 crore into Jio Platforms Limited, which is a wholly-owned subsidiary of Mukesh Ambani lead Reliance Industries Limited. Facebook will buy a 9.99 % stake in Jio and shall become its largest minority shareholder. This is the largest foreign direct investment in the technology sector in India.
At present, Facebook has over 328 million users and its Whatsapp unit has 400 million users in the country, with this deal it shall get a wide audience with Jio’s 388 million clients. Also Jio Platforms, Reliance Retail Limited and WhatsApp have entered into a commercial partnership agreement for using WhatsApp to accelerate Reliance Retail’s new commerce business on JioMart platform.