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Facebook's Investment In Jio A Huge Push To Digital Connectivity: Shiv Sena MP Chaturvedi

Shiv Sena leader and Rajya Sabha MP Priyanka Chaturvedi on Wednesday welcomed Facebook's announcement to invest Rs 43,575 crore in Jio for 9.99 per cent stake.

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Shiv Sena leader and Rajya Sabha MP Priyanka Chaturvedi on Wednesday reacting to Facebook's announcement of investing Rs 43,575 crore in Jio Platforms for a 9.99 per cent stake said that this will give a "huge push" to digital connectivity and creating value-based Indian digital platforms. Calling it "good news in these dreary times", she hoped it leads to more investment focus in education and health technology from Jio. 

'Jio has brought more than 388 million people online'

Facebook in a statement said the investment "underscores our commitment to India and our excitement for the dramatic transformation that Jio has spurred in the country". "In less than four years, Jio has brought more than 388 million people online, fueling the creation of innovative new enterprises and connecting people in new ways. We are committed to connecting more people in India together with Jio," it added.

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Mukesh Ambani, Chairman of RIL said, "All of us at Reliance are therefore humbled by the opportunity to welcome Facebook as our long-term partner in continuing to grow and transform the digital ecosystem of India for the benefit of all Indians. The synergy between Jio and Facebook will help realise Prime Minister Shri Narendra Modi’s ‘Digital India’ Mission with its two ambitious goals — ‘Ease of Living’ and ‘Ease of Doing Business’ – for every single category of Indian people without exception. In the post-Corona era, I am confident of India’s economic recovery and resurgence in the shortest period of time. The partnership will surely make an important contribution to this transformation.”

Together with WhatsApp and Instagram, Facebook overall is estimated to have more users in India than any other single country. The number of internet users in India is projected to rise to about 850 million in 2022, according to consultancy PwC, up from 450 million in 2017. "The partnership between Facebook and Jio is unprecedented in many ways. This is the largest investment for a minority stake by a technology company anywhere in the world and the largest FDI in the technology sector in India," RIL said.

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(With PTI inputs)

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