GUWAHATI: Facebook has bought 9.9% stake in Reliance Jio to help the Indian oil-to-telecom conglomerate to significantly cut debt amid the lockdown.
The company in a statement said, "This investment underscores our commitment to India, and our excitement for the dramatic transformation that Jio has spurred in the country."
With this Facebook has now become Reliance Jio's largest minority shareholder and gets access to a wider audience of 388 million Jio customers.
Further the deal will help Mukesh Ambani-owned RIL reduce debt further and allow the Mark Zuckerberg-led company get a stronger foothold in what is the US major's largest market.
It is to be mentioned that 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.