Social media and technology giant Facebook is all set to invest a substantial amount of INR 43,574 crore ($5.7 billion) in Jio Platforms. The money is ploughed for for a 9.99 per cent stake on a fully diluted basis of the wholly-owned subsidiary of oil-to-telecom conglomerate Reliance Industries.

Jio Platforms currently houses Jio's digital apps, ecosystems, and its connectivity platform. The investment values the subsidiary at Rs 4.62 lakh crore pre-money enterprise value ($65.95 billion, at a Rupee-US dollar conversion rate of

Rs 70) and makes it amongst the top five listed companies in India by market capitalization, within just three and a half years of the launch of its commercial services, Reliance said in a statement.

This is one of the biggest investments made by Facebook in the recent years, particularly after its acquisition over WhatsApp for $19 billion in 2014. It is also the largest investment for a minority stake by a technology company across the world and the largest foreign direct investment (FDI) in the technology sector in the country. Post this investment, Facebook will become the largest minority shareholder in Jio Platforms.

Talking about this remarkable event,Mukesh Ambani, Chairman and Managing Director, Reliance Industries commented, “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.”