Jio Platforms Limited a wholly-owned subsidiary of Reliance Industries Limited has announced that Facebook will invest approximately $6 billion in Jio Platforms for a 9.99% equity stake of the company on a fully diluted basis.
The investment in Jio Platforms will boost its vision is to enable a Digital India for 1.3 billion Indians and Indian businesses, and farmers. Jio, provides connectivity platform to around 388 million subscribers across India.
In April 2020: Reliance Industries Ltd. (RIL) has announced that it will enhance its support to the service of the nation 24×7 in a collective fight against Covid-19. The company has already initiated a multi-pronged prevention, mitigation, and ongoing support strategy that is comprehensive, sustainable, and resilient.
To ramp up Indias fight against epidemic, the company has deployed the combined strengths of Reliance Foundation, Reliance Retail, Jio, Reliance Life Sciences, Reliance Industries, and all approximately 6,00,000 members of the Reliance Family on the action plan against COVID-19.
The key elements of the action plan include the following: Reliance Foundation and RIL Hospitals- Indias First Dedicated Covid-19 Hospital, Free Meals in Various Cities, Isolation Facility at Lodhivali and Reliance Life Sciences is importing additional test kits and consumables for effective testing. RIL is increasing its production capacities to produce 100,000 face-masks per day and a large number of personal protective equipments (PPEs), such as suits and garments .
About Jio Platforms Limited
Jio Platforms Limited is a world-class digital platform provider, headquartered in India. It is a wholly-owned subsidiary of Reliance Industries Limited. It is a next-generation technology company building a Digital Society for India by bringing together Jios leading digital apps, digital ecosystems and high speed connectivity platform under one umbrella in India. Jio provides digital platform and technologies such as Broadband connectivity, Smart Devices, Cloud and Edge Computing, Big Data Analytics, Artificial Intelligence and Internet of Things.
About Reliance Industries Limited
Reliance Industries Limited, headquartered in Mumbai, India, is a leading multinational company. RILs activities include petroleum refining and marketing, hydrocarbon exploration and production, petrochemicals, retail and digital services. The companys products and services portfolio touches almost all Indians on a daily basis, across economic and social spectrums.