People all around the globe know about social media and especially Facebook, cause not only does Mark Zuckerberg owns Facebook but also Instagram and WhatsApp. Apart from that, everyone in the market knows about the networking company of Jio, which has raised so much fame that at least every house has one Jio users, owned by reliance industries limited (RIL).
Terms of Jio Facebook deal
The news being Facebook will invest ₹43,574 crores in Jio platforms, a unit of Reliance Industries Ltd (RIL), for a 9.99% stake, it’s an all-cash deal that will help the oil-to retail conglomerate reduce debt and strengthen the social media company’s presence in it’s the largest market, especially for its Whatsapp unit. RIL’s shares closed 10.3% higher at ₹1,363.35 on the BSE Wednesday, having surged more than 12% in intraday trade.
Even after this deal, WhatsApp and Jio will remain independent entities. They will continue there own business but will join hand wherever possible to make sure a better growth rate, according to Anshuman Thakur (Jio strategy head). Besides this Reliance retail, Jio platforms and WhatsApp have also signed a trade pact to cross-leverage e-commerce platform JioMart and WhatsApp to grow both businesses, being this the statements of two companies on Wednesday. Both will work closely to make sure customers can get to the nearest store where they can get products and services at there ease. Both company plan on working on some major projects which will open up commerce opportunities for people across India.
This new deal will turn up beneficial for peoples of India as there are so many small businesses in India on which people rely on the job, and this should get the global economy moving again.