Mark Zuckerberg’s Facebook invests Rs 43,574 cr in Reliance Jio for 9.99% stake

Mark Zuckerberg’s Facebook invests Rs 43,574 cr in Reliance Jio for 9.99% stake- Soochna
Image credit: NewsLagoon
HIGHLIGHTS

  • By this new venture between Reliance Jio and Facebook, the rural areas like villages will have the opportunity to go digital.
  • The government will get benefits in terms of taxpayers because of whole digitization in rural areas, there would get a lot of hidden taxpayers.
  • Through this reliance will directly contact the farmers and as of that their income will increase.
  • The dream of our PM Modi of having Digital India will have the right vision.

In this time of pandemic in many countries as well as the lockdown of India’s big economy here is some exciting news about Facebook incorporation’s investment in India’s biggest economic influencing company Reliance Jio for Rs. 43574 crore (USD 5.7 billion) for much small business and it will help in supporting PM Modi’s dream of digital India.

The main purpose of this venture is everybody knows that Facebook and WhatsApp are having the biggest market in India. As there are around 400 billion people are using WhatsApp in India as of July 2019. So in this venture, the network between three platforms like JIOMART, RELIANCE RETAIL, and WHATSAPP will be established and as it will make people of Kirana store and micro, small enterprises to go for digitization and there has already been done the inclusion of payment application in WhatsApp and it will ensure that the consumer can access to the nearest Kirana store to provide products and services to their homes by transecting seamlessly with Jiomart using WhatsApp.

This partnered network of Reliance Jio, WhatsApp, and Jiomart will bring the major resolution to the Retail market.

The announcement of this major deal is done with Jio putting out a media note and Facebook talking about it in its official Facebook post.

Facebook founder Mark Zuckerberg published a post to talk about the deal and added that “it would have new commerce opportunities for people of India. And he thanked Mr. Ambani and his Jio team for their partnership. Added that this venture is specifically important right now because small businesses are a very crucial part of our economy and we need to support them”

Ambani defined “the deal as a most crucial decision in the Modi’s Government’s Digital India’s edge and added that he was very sure about India’s economic improvement after coronavirus and that this partnership would surely make an attention-worthy contribution to his transformation.”

“The JIO’s digital platform and Facebook’s connection with the Indian people will offer the ultimate new solutions to each one of you. In the future, JIO-MART – a new commerce platform and WhatsApp will make nearly 3 crores small Indian Kirana shops to digitally transact with customers. This means all of you can order and get faster delivery of day to day items from nearby Kirana shops and at the same time small they can grow their businesses and create new job opportunities using digitization. And in the days to come, this winning step will be extended to serve other key stakeholders of India. Our farmers, our small and medium enterprises, our students and teachers, our doctors, and above all women and youngsters” He added.

Before this major deal between Facebook and Reliance Jio, Mark Zuckerberg already tried to connect with many projects In India, but they couldn’t do well.

In October 2014, Mark Zuckerberg visited India with a view to connect one billion Indians to connect with Facebook with the promise of providing ” free basic” which couldn’t work long last.

Chris Daniels, the vice-president of Facebook told the business line in an interview in 2015 explained the project by saying “The biggest challenges are that the people of India can’t afford the data charges as well they don’t know how much it is valuable in terms of awareness.”

In 2015, Zuckerberg invited PM Modi to the Facebook campus in Menko Park. However, the program was seen to be against the principles of net neutrality because it allowed access to only specific websites. In 2016, the Telecom Regulatory and Authority of India shut down the ambitious project.

And so now it would be a question to see how much this major deal between Facebook and Reliance Jio will execute the best rewards or what results in it would be by providing platforms to micro, small and medium enterprises and to other key holders.


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