Jio Platforms to sell 9.99% stake to Facebook for Rs 43,574 crore

US social media major Facebook will invest Rs 43,574 crore into Jio Platforms, a unit of Reliance Industries, for a 9.99% stake, a development which on Wednesday boosted the shares of India’s oil-to-retail conglomerate over 8% in early trade.

The investment will value Jio Platforms – a digital apps platform – at Rs 4.62 lakh crore. The deal with help Mukesh Ambani-owned RIL reduce debt further and allow the Mark Zuckerberg-led company get a stronger foothold in what is the US major’s largest market.

Both companies, in separate statements, said that they will work together on some major projects that will open up commerce opportunities for people across India.

“Reliance Industries Limited, Jio Platforms Limited and Facebook, Inc. today announced the signing of binding agreements for an investment of Rs43,574 crore by Facebook into Jio Platforms,” RIL said in a statement on Wednesday.