Facebook will invest Rs 43,574 crore in Mukesh Ambani’s Jio. After this investment, Facebook’s stake in Jio will be 9.99%. This is the largest foreign investment in the Indian technology sector. After this deal between the two companies, the valuation of Jio will increase to 4.62 lakh crore. The valuation is based on the rupee’s value of 70 against the dollar. Facebook will become the largest minority shareholder in Jio, once approved by the director.
WhatsApp, a subsidiary of Facebook, also has 400 million users in India
There are approximately 100 crore mobile users in India. India is also the largest business hub for Facebook. WhatsApp, a subsidiary of Facebook, also has 400 million users in India. Reliance Jio has 388 million users in the country.
Reliance created a new subsidiary in October
In October last year, Reliance announced the creation of a new subsidiary to bring all of their digital initiatives and apps under single entity. Reliance had invested 1.08 lakh crore in this new company. Geo apps like Jio TV, Jio Cinema, Jio News etc. have been brought under this new company. Apart from this, the structure has also been simplified for potential investors. On March 18, Reliance Industries took on some of Reliance Jio’s debts. However this amount of damage has not been disclosed.
The largest company in the country is Reliance Jio
In terms of customers, Reliance Jio is the largest telecom company in the country. As of December 2019, Reliance Jio had 37 crore customers, according to new TRAI figures. Vodafone-Idea was the second largest telecom company in December with 332 million subscribers. In December 2019, Bharti Airtel was the third largest company with 32.72 crore subscribers. As per TRAI rules, state-run telecom company BSNL had 11.8 crore subscribers and MTNL had 33.76 lakh subscribers this month.
Facebook’s target of 34 crore active users by 2020
Social media company Facebook aims to create 340 million monthly active users in India by 2020. According to Statista.com, in 2018, Facebook had more than 280 million monthly active users. Facebook is headquartered in California, USA and also operates platforms such as Instagram, Messenger, WhatsApp, Watch, Portal, Oculus, Calibra. In 2019, Facebook’s total assets were 70 70.697 billion.