Indian corporate czars have applauded Facebook’s ₹43,574-crore investment in Jio Platforms in lieu of a 9.99 per cent stake, hailing it as a strong signal of India’s economic importance post the Covid-19 crisis.
According to many business honchos, this will boost India’s digital initiatives, help the country will become the epicenter of growth and a leader in Artificial Intelligence (AI) innovation.
Mahindra Group Chairman Anand Mahindra was among the first to tweet in support of the deal.
“Jio’s deal with Facebook is good not just for the two of them. Coming as it does during the pandemic, 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!,” tweeted Mahindra.
Tech Mahindra’s Managing Director and Chief Executive Officer, CP Gurnani, said that this partnership is built on individual strengths and collective synergy.
“Kudos to @reliancejio & @Facebook for creating a partnership built on individual strengths and collective synergy. One that will create a huge enterprise value for both companies, digital India and yes, the Indian economy,” tweeted Gurnani. “This is extraordinary at so many levels,” tweeted Paytm founder and CEO, Vijay Shekhar Sharma.
While the government think-tank NITI Aayog’s CEO, Amitabh Kant, re-twitted the news of the deal, Milind Deora (former Minister for Telecom, IT, Posts, Shipping and Ports) also welcomed it. “Welcome respite from our daily doom and gloom. Mukesh Ambani always envisioned @reliancejio as a global internet company, not merely an Indian telco,” Deora tweeted.
“As we consume more data, Jio’s partnership with @Facebook could enable India to become a world leader in AI innovation,” added the Congress Party leader.
Jio Platforms is a wholly-owned subsidiary of Reliance Industries, which hosts all digital initiatives of the firm, including Jio digital services (mobile, broadband), Apps, tech capabilities (AI, Big Data, IoT) and investments (like Den, Hathway).