{"id":764,"date":"2020-04-22T08:45:59","date_gmt":"2020-04-22T07:45:59","guid":{"rendered":"https:\/\/thedailyleaks.com\/?p=764"},"modified":"2020-04-22T10:05:29","modified_gmt":"2020-04-22T09:05:29","slug":"facebook-to-invest-5-7-billion-in-ambanis-jio-wireless-platforms","status":"publish","type":"post","link":"https:\/\/thedailyleaks.com\/facebook-to-invest-5-7-billion-in-ambanis-jio-wireless-platforms\/","title":{"rendered":"Facebook to invest $5.7 billion in Ambani\u2019s Jio wireless platforms"},"content":{"rendered":"<p>The U.S. social-networking giant, <a title=\"Company Overview\" href=\"https:\/\/www.bloomberg.com\/quote\/FB:US\">Facebook Inc.<\/a>\u00a0will invest\u00a0<span class=\"\" data-value=\"5700000000\" data-original=\"$5.7 billion\" data-symbol=\"$\">$5.7 billion<\/span>\u00a0in the digital assets controlled by India\u2019s\u00a0<a title=\"Bloomberg Billionaires Index\" href=\"https:\/\/www.bloomberg.com\/billionaires\/\" target=\"_blank\" rel=\"noopener noreferrer\">richest<\/a> man, the biggest deal since the 2014 purchase of WhatsApp as it seeks a broader foothold in its biggest global market.<\/p>\n<p><a href=\"https:\/\/www.google.com\/amp\/s\/www.bloomberg.com\/amp\/news\/articles\/2020-04-22\/facebook-to-plow-5-7-billion-in-ambani-s-jio-wireless-platforms\">Bloomberg<\/a> said the U.S. company will buy about 10% of Jio Platforms, becoming the largest minority shareholder, <a title=\"Company Overview\" href=\"https:\/\/www.bloomberg.com\/quote\/RIL:IN\">Reliance Industries Ltd.<\/a> said in a statement Wednesday. Separately, Facebook said the deal would bring together JioMart, an ecommerce venture of Mukesh Ambani and its WhatsApp platform to enable people to connect with businesses.<\/p>\n<p>Jio Platforms, a wholly owned unit of Reliance Industries, brings together Jio\u2019s digital apps, ecosystems and the wireless platform offered by telecommunications carrier,\u00a0<a title=\"Company Overview\" href=\"https:\/\/www.bloomberg.com\/quote\/3656749Z:IN\">Reliance Jio Infocomm Ltd.<\/a>, under one umbrella, according to the Mumbai-based company. The deal values Jio Platforms at a pre-money enterprise value of about\u00a0<span class=\"\" data-value=\"66000000000\" data-original=\"$66 billion\" data-symbol=\"$\">$66 billion<\/span>, the Indian company said.<\/p>\n<p>Shares of Reliance Industries jumped as much as 8.3% on Wednesday in Mumbai, compared with the less than 1% gain for the benchmark S&amp;P BSE Sensex index.<\/p>\n<p>The partnership with Jio would allow Facebook Chief Executive Officer Mark Zuckerberg to step up his expansion in a country that is rapidly embracing online payment and e-commerce as more people get smartphones. Jio Infocomm burst onto the Indian wireless market about four years ago, quickly moving into a position of dominance by offering free plans and undercutting rivals. Working with Facebook would be a boost to the ambitions of Ambani, until recently the richest man in Asia, who has been remaking his energy conglomerate as India\u2019s first titan of e-commerce.<\/p>\n<aside class=\"inline-newsletter\" data-state=\"ready\">\n<div class=\"tp-container-inner\"><\/div>\n<\/aside>\n<p>It is an unusual bet for Facebook, which typically buys into media and online properties. It underscores the potential it sees in India, which unlike China is an open market with an exploding smartphone population. Facebook may benefit from a well-connected ally in the country, where its Whatsapp is trying to launch a payments service but has run afoul of regulators over fake news and privacy concerns.<\/p>\n<p>\u201cIndia is a special place for us,\u201d Zuckerberg said in a video posted on Facebook. \u201cWe\u2019re also committing to work together on some critical projects that we think are going to open up a lot of opportunities for commerce in India.\u201d<\/p>\n<p>Zuckerberg has long aimed to roll out a digital currency as well as tools that let users make payments and buy and sell products over the social network\u2019s messaging services in India.<\/p>\n<h3 id=\"alluring-market\">Alluring Market<\/h3>\n<p>With its half-billion internet users, the South Asian country is an alluring market for the world\u2019s largest technology companies, including\u00a0<a title=\"Company Overview\" href=\"https:\/\/www.bloomberg.com\/quote\/AMZN:US\">Amazon.com Inc.<\/a>,\u00a0<a title=\"Company Overview\" href=\"https:\/\/www.bloomberg.com\/quote\/AAPL:US\">Apple Inc.<\/a>,\u00a0<a title=\"Company Overview\" href=\"https:\/\/www.bloomberg.com\/quote\/MSFT:US\">Microsoft Corp.<\/a>\u00a0and\u00a0<a title=\"Company Overview\" href=\"https:\/\/www.bloomberg.com\/quote\/GOOGL:US\">Alphabet Inc.<\/a>\u2019s Google. In India, Facebook has about 250 million users, while WhatsApp has over 400 million.<\/p>\n<div id=\"in-article-1-Q7QSIOT0AFBB01\" class=\"page-ad bb-mobile bb-tablet display\" tabindex=\"-1\" role=\"presentation\" data-position=\"in-article\" data-ad-status=\"rendered\">\n<div id=\"5bf1184a190268abbeb11d51ef52da0e\" class=\"bb-ads__rendered bb-ads__ad bb-ads__no_size bb-ads__size_1x1\" data-google-query-id=\"CPXF5o_C--gCFcyxUQodz3AF6A\">\n<div id=\"google_ads_iframe_\/5262\/business\/news\/technology_2__container__\"><\/div>\n<\/div>\n<\/div>\n<p>While India will be a testing ground for WhatsApp payment services &#8212; currently in pilot &#8212; Zuckerberg is also separately looking at the market for his crypto-currency project called Libra. Zuckerberg has said that payments and commerce are a priority, representing a major business opportunity for the company moving forward.<\/p>\n<p>For Ambani, 63, the deal with the technology giant comes as a boost at a time when his group is battling the impact of the coronavirus pandemic and a slump in demand for crude oil. He has also been seeking to reassure investors that he will honor a pledge to reduce the group\u2019s net debt to zero.<\/p>\n<h3 id=\"wallet-share\">Wallet Share<\/h3>\n<p>\u201cThe collaboration with Facebook will give Jio a significant advantage on product and technological fronts to keep competitiors miles away and grab a larger wallet share of consumers across domains &#8212; telecom, payments, retail,\u201d Himanshu Shah, an analyst at Dolat Capital Market Pvt. wrote in a research note.<\/p>\n<p>The Indian company spent almost\u00a0<span class=\"\" data-value=\"50000000000\" data-original=\"$50 billion\" data-symbol=\"$\">$50 billion<\/span>\u00a0&#8212; mostly borrowings &#8212; to build Jio Infocomm, the mobile carrier, leading to a net debt of more than\u00a0<span class=\"\" data-value=\"20000000000\" data-original=\"$20 billion\" data-symbol=\"$\">$20 billion<\/span>\u00a0as of March 2019. In August, he told shareholders that he planned to sell a stake in Reliance Industries\u2019 oil-and-chemicals division to\u00a0<a title=\"Company Overview\" href=\"https:\/\/www.bloomberg.com\/quote\/ARAMCO:AB\">Saudi Arabian Oil Co.<\/a>\u00a0as part of a road map to cut net debt to zero by March 2021.<\/p>\n<p>With the Aramco negotiations dragging on for months, the global health crisis and the crash in oil prices have also raised doubts if that deal will be signed. As a result,\u00a0<a title=\"Share Performance\" href=\"https:\/\/www.bloomberg.com\/quote\/RIL:IN\" target=\"_blank\" rel=\"noopener noreferrer\">shares<\/a> of the Mumbai-based conglomerate plunged as much as 45% from their Dec. 19 record, before rebounding from their March 23 low.<\/p>\n<p>After building a wireless carrier and a retail business, Ambani has said he plans to rope in \u201cleading global partners\u201d before initial public offerings as he readies an e-commerce business, called JioMart, which would rival Amazon and\u00a0<a title=\"Company Overview\" href=\"https:\/\/www.bloomberg.com\/quote\/WMT:US\">Walmart Inc.<\/a>\u00a0in the South Asian country.<\/p>\n<table>\n<colgroup>\n<col class=\"news-rsf-table-string\" \/><\/colgroup>\n<tbody>\n<tr>\n<th class=\"news-rsf-table-string\">TO READ MORE ON AMBANI\u2019S PLANS:<\/th>\n<\/tr>\n<tr>\n<td class=\"news-rsf-table-string\"><a title=\"Ambani Readies India\u2019s Alibaba With $24 Billion Holding Firm\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2019-10-25\/ambani-to-form-alphabet-like-digital-services-holding-company\" target=\"_blank\" rel=\"noopener noreferrer\">Ambani Readies India\u2019s Alibaba With $24 Billion Holding Firm<\/a><\/td>\n<\/tr>\n<tr>\n<td class=\"news-rsf-table-string\"><a title=\"Reliance Surges Most Since 2017 on Ambani Plan to Slash Debt (2)\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2019-08-12\/aramco-bp-to-help-ambani-slash-22-billion-of-reliance-s-debt\" target=\"_blank\" rel=\"noopener noreferrer\">Reliance Surges Most Since 2017 on Ambani Plan to Slash Debt<\/a><\/td>\n<\/tr>\n<tr>\n<td class=\"news-rsf-table-string\"><a title=\"The Tiny Deals Behind Mukesh Ambani\u2019s Bid to Take on Amazon\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2019-04-07\/the-tiny-deals-behind-mukesh-ambani-s-bid-to-take-on-amazon\" target=\"_blank\" rel=\"noopener noreferrer\">The Tiny Deals Behind Mukesh Ambani\u2019s Bid to Take on Amazon<\/a><\/td>\n<\/tr>\n<tr>\n<td class=\"news-rsf-table-string\"><a title=\"Ambani\u2019s Retail Unit Valued at $34 Billion in Share Swap (2)\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2019-12-26\/mukesh-ambani-s-retail-unit-valued-at-34-billion-in-share-swap\" target=\"_blank\" rel=\"noopener noreferrer\">Ambani\u2019s Retail Unit Valued at $34 Billion in Share Swap<\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>In a statement delivered by video, Ambani said the tie-up with WhatsApp will help almost 30 million Indian mom-and-pop store owners to take digital payments from customers in their neighborhoods.<\/p>\n<p>\u201cThis means all of you can order and get faster delivery of day-to-day items from nearby local shops,\u201d he said.<\/p>\n<p>Simultaneously, Jio Platforms, Reliance Retail Ltd. and WhatsApp have also tied\u00a0<span id=\"debad59c-8451-11ea-8bde-308d99724420\">up to<\/span>\u00a0help accelerate the retail unit\u2019s e-commerce push on the JioMart platform, Reliance Industries said in the statement.<\/p>\n<p>The new businesses are likely to account for 50% of\u00a0<a title=\"Company Overview\" href=\"https:\/\/www.bloomberg.com\/quote\/RIL:IN\">Reliance Industries Ltd.<\/a>\u2019s earnings in a few years, versus a little more than 32% now, Ambani\u00a0<a title=\"Reliance Surges Most Since 2017 on Ambani Plan to Slash Debt (2)\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2019-08-12\/aramco-bp-to-help-ambani-slash-22-billion-of-reliance-s-debt\" target=\"_blank\" rel=\"noopener noreferrer\">told<\/a>\u00a0shareholders in August.<\/p>\n<h3 id=\"no-super-app\">No Super App<\/h3>\n<p>Reliance Industries and Facebook denied an Indian media\u00a0<a class=\"terminal-news-story\" title=\"Reliance, Facebook Explore Creating App Like WeChat, ET Says\" href=\"https:\/\/www.bloomberg.com\/news\/terminal\/Q8V0GST0AFBZ\" target=\"_blank\" rel=\"noopener noreferrer\">report<\/a>\u00a0last week that they are considering creating an app similar to WeChat, the Chinese mobile messaging and payment service run by Tencent Holdings Ltd.<\/p>\n<p>\u201cThe intent is not to build another app, the intent is really for the two companies to collaborate,\u201d said Ajit Mohan, vice president and managing director for India at Facebook.<\/p>\n<p>Now that the deal has been formally announced, the companies will start working with Indian regulators to seek approval, said Anshuman Thakur, Jio\u2019s head of strategy.<\/p>\n<p>Facebook has not been consistently welcomed by Indian regulators in the past. It ran into opposition while trying to launch a payments feature inside WhatsApp in 2019, and has also faced pushback around content regulation on the app, which is encrypted. Facebook tried &#8212; and failed &#8212; to bring a service to India in 2015 called Free Basics, which would have made some internet services, including the social network, free to use on mobile devices. Critics said the app violated the concept of net neutrality by prioritizing some services over others.<\/p>\n<p>\u201cGiven the intent of this collaboration and the nature of this partnership, we expect people to be welcoming,\u201d Thakur said.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<div class=\"mh-excerpt\"><p>The U.S. social-networking giant, Facebook Inc.\u00a0will invest\u00a0$5.7 billion\u00a0in the digital assets controlled by India\u2019s\u00a0richest man, the biggest deal since the 2014 purchase of WhatsApp as it seeks a broader foothold in its biggest global market. <a class=\"mh-excerpt-more\" href=\"https:\/\/thedailyleaks.com\/facebook-to-invest-5-7-billion-in-ambanis-jio-wireless-platforms\/\" title=\"Facebook to invest $5.7 billion in Ambani\u2019s Jio wireless platforms\">[&#8230;]<\/a><\/p>\n<\/div>","protected":false},"author":2,"featured_media":765,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21,2,7],"tags":[],"coauthors":[25],"class_list":{"0":"post-764","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-technology","8":"category-top-news","9":"category-world"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Facebook to invest $5.7 billion in Ambani\u2019s Jio wireless platforms - The Daily Leaks<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/thedailyleaks.com\/facebook-to-invest-5-7-billion-in-ambanis-jio-wireless-platforms\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Facebook to invest $5.7 billion in Ambani\u2019s Jio wireless platforms - The Daily Leaks\" \/>\n<meta property=\"og:description\" content=\"The U.S. social-networking giant, Facebook Inc.\u00a0will invest\u00a0$5.7 billion\u00a0in the digital assets controlled by India\u2019s\u00a0richest man, the biggest deal since the 2014 purchase of WhatsApp as it seeks a broader foothold in its biggest global market. 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