Analysts have said that Facebook’s investment in billionaire Mukesh Ambani’s Jio Platforms, its biggest investment in recent years, could help the social media giant expand its reach in India, which is already its biggest market by user count.
Why did Facebook invested in Jio?
On April 22, Facebook said it will invest Rs 43,574 crore in Jio Platforms for a 9.99% stake in an all-cash deal that will help the oil-to-retail conglomerate reduce debt and strengthen the social media company’s presence in its largest market, especially for its WhatsApp unit.
Why companies are investing in Jio?
Alphabet Inc’s Google paid Rs 33,737 crore to Reliance Industries’ Jio Platforms, as its biggest-ever investment in an Indian company. … The investment is aimed to develop an entry-level affordable smartphone with optimisations to the Android operating system and the Play Store.
Did Mark Zuckerberg invest in Jio?
In April 2020, Facebook purchased a 9.9 percent stake in RIL’s telecom unit Jio for $5.7 billion (Rs 43,574 crore). … Zuckerberg and Ambani were speaking at the Facebook Fuel for India 2020 event.
What has Ambani invested?
Mukesh Ambani, Bill Gates & others to invest $144 mn in US-based Ambri Inc. Mumbai: Mukesh Ambani’s Reliance New Energy Solar Ltd (RNESL), a wholly-owned subsidiary of Reliance Industries will invest $50 million in Ambri Inc, a renewable energy storage company in the United States.
Did Ambani buy Facebook?
Facebook, on Wednesday, announced a Rs 43,574 crore ($5.7 billion) investment in Mukesh Ambani-led Jio Platforms Limited. With the investment, Facebook will hold a 9.99 per cent stake in Jio Platforms and will be the largest minority shareholder.
How much did FB invest in Jio?
Jio Platforms, the digital arm of Mukesh Ambani-led Reliance Industries, said that it has received the subscription amount of Rs 43,574 crore from Facebook. The social media giant had pledged this amount in April to buy 9.99 per cent stake in the Indian company.
Who is the CEO of Jio?
|Jio’s headquarters in RCP, Navi Mumbai|
|Key people||Mukesh Ambani (Chairman) Sandip Das (Managing Director)|
|Products||Fixed line telephone Mobile phones Wireless broadband Internet services OTT Services|
|Revenue||₹90,287 crore (US$12 billion) (FY 2020–21)|
|Operating income||₹34,035 crore (US$4.5 billion) (FY 2020–21)|
Who is Jio owner?
Join us at Facebook Fuel for India; a two-day virtual event packed with inspiring stories about the most dynamic social and economic transformation that the world has ever seen- stories that are shaping India.
How did Ambani get so rich?
Ambani began a business trading in spices in the late 1950s, calling his nascent venture Reliance Commercial Corporation. He soon expanded into other commodities, following a strategy of offering higher-quality products and accepting smaller profits than his competitors. His business grew quickly.
How many jets Ambani have?
So naturally the man (and his family) hasn’t seen a commercial plane unless it’s in his eye line as his pilot docks one of the three Ambani jets; the family owns a Boeing Business Jet, Falcon 900EX jet and an Airbus 319, according to media reports.
Where is Ambani right now?
Mukesh Dhirubhai Ambani is a huge business tycoon from India, who is currently the chairman and managing director of Reliance Industries – the largest private sector enterprise of the country.