Facebook CEO Mark Zuckerberg Explains Why he Bought 10% Stake at Reliance Jio

New Delhi: As Facebook is set to take up nearly 10 per cent stake in Reliance Jio, Mark Zuckerberg, CEO of the world’s most popular social media platform said that the two companies will bring forth some “major digital transformation” to boost India’s commerce. Also Read – What Does Jio and Facebook Partnership Mean? Explains Mukesh Ambani

Notably, Zuckerberg’s statement comes a day after the social media giant invested $5.7 billion (Rs 43,574 crore) and bought 9.99 per cent stake of the Mukesh Ambani-owned Reliance Industries Ltd. Also Read – Facebook Buys 9.99 Per Cent Minority Stake in Jio Platforms For $5.7 Billion

Zuckerberg in a Facebook post said that India is in the middle of a major digital transformation and organizations like Jio have played a big part in getting hundreds of millions of Indian people and small businesses online. Also Read – Raipur Cops Nab Man Running Fake Facebook Account as Nisha Jindal With 10K Followers

Earlier in the day, Ambani, in a short video message posted on the group’s social media handles, said, “All of us at Reliance and Jio are delighted to welcome Facebook Inc,” and explained how the two companies will utilise WhatsApp for delivering goods from local neighbourhood Kirana stores to consumers before expanding collaboration in education and healthcare sector.

Here is the Mark Zuckerberg’s full statement:

“There’s a lot going on in the world right now, but I wanted to share an update on our work in India. Facebook is teaming up with Jio Platforms — we’re making a financial investment, and more than that, we’re committing to work together on some major projects that will open up commerce opportunities for people across India.

India is home to the largest communities on Facebook and WhatsApp, and a lot of talented entrepreneurs. The country is in the middle of a major digital transformation and organizations like Jio have played a big part in getting hundreds of millions of Indian people and small businesses online.

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. With communities around the world in lockdown, many of these entrepreneurs need digital tools they can rely on to find and communicate with customers and grow their businesses. This is something we can help with — and that’s why we’re partnering with Jio to help people and businesses in India create new opportunities.

I want to thank Mukesh Ambani and the entire Jio team for their partnership. We’re looking forward to getting started.”