Jio Platforms collects Rs 43,574 crore from Facebook for a stake of 9.99%
By MYBRANDBOOK
An unit of Reliance Industries, Jio Platforms has received an amount of Rs 43,574 crore from the social media mammoth Facebook for 9.99% stake.
"We hereby inform that, after receipt of all requisite approvals, Jio Platforms Limited, a subsidiary of the Company (Reliance Industries), today received the subscription amount of Rs43,574 Crore from Jaadhu Holdings, LLC (a wholly owned subsidiary of Facebook Inc),” Reliance Industries said in a notice to the Bombay Stock Exchange on Tuesday.
“Jio Platforms Limited has allotted equity shares to Jaadhu Holdings following which Jaadhu Holdings holds 9.99% of the fully diluted equity share capital of Jio Platforms Limited," the notice said.
The notice came with two weeks after Competition Commission of India (CCI) cleared Facebook’s investment in Jio Platforms.
The two sides had announced the deal on April 22. The transaction was touted to be the largest investment for a minority stake by a technology company anywhere in the world. It was also said to be the largest foreign direct investment (FDI) in the technology sector in India.
Facebook and other global investors are buying a total of 25.09% stake in Jio Platforms for Rs 1.18 lakh crore. These investments, along with Rs 53,124 crore from a rights issue, are helping RIL achieve its aim of becoming net debt free.
Other investors include, Abu Dhabi’s two largest sovereign investment arms, Abu Dhabi Investment Authority and Mubadala, along with private equity firms Silver Lake, Vista Equity Partners, General Atlantic, KKR, TPG, L Catterton, Saudi Arabia’s Public Investment Fund (PIF) and Intel Capital.
The main focus of the Facebook-Jio Platforms deal is to come up with digital solutions for 60 million micro, small and medium businesses, 120 million farmers, 30 million small merchants and millions of small and medium enterprises in the informal sector. While Jio has about 400 million customers, India is the biggest market for Facebook with 328 million monthly users and the company’s WhatsApp messaging app has 400 million users in the country, also the most in the world.
“This is especially important right now, because small businesses are the core of every economy and they need our support. India has more than 60 million small businesses and millions of people rely on them for jobs,” Facebook founder Mark Zuckerberg had said in a post at the time.
Jio Platforms, Reliance Retail and WhatsApp have also entered into a commercial partnership agreement to accelerate Reliance Retail’s new commerce business on the JioMart platform using the messaging platform and to support small businesses on WhatsApp.
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