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Fuel for India 2020: Here's what Mukesh Ambani, Mark Zuckerberg said about the Facebook-Jio partnership

In April 2020, Facebook purchased a 9.9 percent stake in RIL's telecom unit Jio for $5.7 billion (Rs 43,574 crore).

December 15, 2020 / 10:31 PM IST

Facebook founder Mark Zuckerberg and Reliance Industries (RIL) Chairman Mukesh Ambani on December 15 spoke about the partnership between Facebook and Jio, highlighting how each of them benefit from the association.

Zuckerberg and Ambani were speaking at the Facebook Fuel for India 2020 event.

"Before this partnership I believe that each one of us was mainly a communication platform. Together, we now have become a value creation platform for our customers and small businesses," Ambani said.

In April 2020, Facebook, purchased a 9.9 percent stake in RIL's telecom unit Jio for $5.7 billion (Rs 43,574 crore).

Also read: Facebook buys 9.9% stake in Reliance Jio for Rs 43,574 crore in largest tech FDI

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"I do think that in so many ways, not just Jio and the technology platforms, but the other businesses that you've (Ambani) built, you've had such a positive impact on improving the quality of lives for hundreds of millions of Indians. A big part of why I was excited to partner with you is, there are not many people around the world who've just gone industry after industry and revolutionized them and improved them, and continue to do it, and have that hunger to improve the lives of so many people," Zuckerberg said on December 15.

Also read: Mukesh Ambani, Mark Zuckerberg discuss India's digital future

The association between the two companies can also play a role in supporting small businesses in India, the Facebook Chief Executive Officer (CEO) said.

"One of the big opportunities that I see with this Facebook and Jio partnership is the role that we can play together in supporting the millions of small businesses in India, especially now with the impact that COVID is having, in accelerating the move of businesses from physical storefronts to digital ones in this digital future," he said.

The RIL chairman also spoke about how Jio and WhatsApp can complement each other's businesses. WhatsApp Pay, a platform for Unified Payments Interface (UPI) transactions, in November received regulatory approval to roll out their services in India.

"Jio brings digital connectivity, WhatsApp now with WhatsApp Pay brings digital interactivity, and the ability to move to close transactions and create value, and JioMart brings the unmatched online and offline retail opportunity, that gives our small shops which exist in villages and small towns in India, a chance to digitise and be at par with anybody else in the world," Ambani said.

He also said Facebook's investment in Jio "set the ball rolling" for large foreign direct investment (FDI) into India.

Disclaimer: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.
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