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FaceBook Bought 9.99% Stake In Reliance Telecom
By: Tupaki Desk | 22 April 2020 7:26 AM GMT
The Tech giant of US FaceBook has bought a 10 percent stake in the Reliance telecom owned by Mukesh Ambani. The stake worth is announced as USD 5.7 billion which is Rs 43,574 crore in Indian currency.
This investment of FaceBook is believed to be the largest FDI in India's technology sector. While this stake is the smallest investment by Facebook.
"Reliance Industries Limited, Jio Platforms Limited and Facebook, Inc. today announced the signing of binding agreements for an investment of Rs43,574 crore by Facebook into Jio Platforms," Reliance Industries said in its statement.
'This is especially important right now, because small businesses are the core of every economy and they need our support. India has more than 60 million small businesses and millions of people rely on them for jobs,' Zuckerberg said on the investment.
India has been crucial for FaceBook as there are 400 million active users of WhatsApp in the country. With this investment, WhatsApp and FaceBook might see a rise of users in the coming time in India.
This investment of FaceBook is believed to be the largest FDI in India's technology sector. While this stake is the smallest investment by Facebook.
"Reliance Industries Limited, Jio Platforms Limited and Facebook, Inc. today announced the signing of binding agreements for an investment of Rs43,574 crore by Facebook into Jio Platforms," Reliance Industries said in its statement.
'This is especially important right now, because small businesses are the core of every economy and they need our support. India has more than 60 million small businesses and millions of people rely on them for jobs,' Zuckerberg said on the investment.
India has been crucial for FaceBook as there are 400 million active users of WhatsApp in the country. With this investment, WhatsApp and FaceBook might see a rise of users in the coming time in India.
