Anand Mahindra, Chairman, Mahindra Group on Wednesday lauded Mukesh Ambani, Chairman, Reliance Industries Ltd for its recent deal with US tech giant Facebook.

Mahindra shared his opinion on Facebook’s recent acquisition of a 9.9 per cent stake in Reliance’s digital arm Reliance Jio on Twitter. The deal is good not only for the two countries but for the economy as a whole, the Mahindra chief said.

“Jio’s deal with Facebook is good not just for the two of them. Coming as it does during the virus-crisis, it is a strong signal of India’s economic importance post the crisis. It strengthens hypotheses that the world will pivot to India as a new growth epicentre. Bravo Mukesh!” wrote Mahindra on the micro-blogging platform.

Mark Zuckerberg’s Facebook on Wednesday announced that the tech giant had signed binding agreements for an investment of ₹ 43,574 crore into Mukesh Ambani led Reliance Jio Platforms. The investment is the largest FDI in the technology sector in India.

The deal will primarily focus on “empowering small businesses” and creating new opportunities in India with the use of technology.

“Facebook has invested in India based on a strong belief in India’s entrepreneurial talent and opportunity, to help create meaningful impact for Indians and Indian businesses using their multiple platforms. The partnership between Facebook and Jio is unprecedented in many ways. This is the largest investment for a minority stake by a technology company anywhere in the world and the largest FDI in the technology sector in India,” the company said in an official press statement.

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