Social media giant Facebook will invest Rs 43,574 crore to acquire a 9.99 per cent stake in Jio Platforms, a unit of Mukesh Ambani led Reliance Industries, reports Economic Times.

The investment by Facebook values Jio Platforms at Rs 4.62 lakh crore. This also marks the largest investment for a minority stake by a technology company anywhere in the world, and also the largest foreign direct investment (FDI) in India in the technology space.

“Reliance Industries Limited (“Reliance Industries”), Jio Platforms Limited (“Jio Platforms”) and Facebook, Inc. (“Facebook”) today announced the signing of binding agreements for an investment of Rs 43,574 crore by Facebook into Jio Platforms,” Reliance Industries Limited said in a statement on Wednesday (22 April).

Furthermore, Reliance Retail and Jio Platforms, both wholly-owned subsidiaries of Reliance Industries, have also entered into a commercial partnership agreement with Facebook-owned WhatsApp to further accelerate Mukesh Ambani's new commerce business on its JioMart platform using the social messaging service. The partnership will help JioMart leverage on WhatsApp's reach to support small businesses.

As part of the deal, the companies will focus on 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.

Speaking on the development, Ambani said, "The synergy between Jio and Facebook will help realise Prime Minister (PM) 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."

Ambani also added, "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."