This is the largest FDI in India's technology sector, says a statement released by Jio Reliance Industries Limited, Jio Platforms Limited and Facebook on Wednesday announced the signing of binding agreements for an investment of ? 43,574 crore by Facebook into Jio Platforms. This investment by Facebook values Jio Platforms at ? 4.62 lakh crore pre-money enterprise value ($65.95 billion, assuming a conversion rate of ? 70 to a US Dollar). Facebook’s investment will translate into a 9.99% equity stake in Jio Platforms on a fully diluted basis. A media release by Reliance Jio says: “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 investment values Jio Platforms amongst the top 5 listed companies in India by market capitalization, within just three and a half years of launch of commercial services, validating Reliance Industries’ capability in incubating and building disruptive next-generation businesses, while delivering market defining shareholder value. Our goal with this investment is to enable new opportunities for businesses of all sizes, but especially for small businesses across India and create new and exciting digital ecosystems that will empower, enrich and uplift the lives of all 1.3 billion Indians. This partnership will accelerate India’s all-round development, fulfilling the needs of Indian people and the Indian economy. Our focus will be India’s 60 million micro, small and medium businesses, 120 million farmers, 30 million small merchants and millions of small and medium enterprises in the informal sector, in addition to empowering people seeking various digital services.” The statement further says that the partnership assumes special significance for India in the wake of the severe disruptions caused by the coronavirus pandemic in the Indian — and the global — economy. In the post-COVID era, comprehensive digitalisation will be an absolute necessity for revitalisation of the Indian economy. The statement further says that the partnership assumes special significance for India in the wake of the severe disruptions caused by the coronavirus pandemic in the Indian — and the global — economy. In the post-COVID era, comprehensive digitalisation will be an absolute necessity for revitalisation of the Indian economy, Jio has said. In a Facebook post Mark Zuckerberg said on Wednesday: “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.”