RIL inks Rs 3 lakh crore investment MoU with Maha govt
The Reliance Industries Limited on Thursday signed an MoU with the Maharashtra government to invest approximately Rs 3.05 lakh crore which is projected to create more than 3,00,000 jobs.
The $5.7 billion (Rs 43,574 crore) investment by Facebook in Reliance Industries’ Jio Platform will help the RIL to move towards becoming a zero net debt company by March 2021, a Credit Suisse report said on Monday.
“Deal cash flow would help RIL bring down overall net debt and help to move towards its target of achieving zero net debt by Mar-2021,” the report said.
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Facebook’s CEO Mark Zuckerberg in an announcement, made on Wednesday, said that the social media giant would acquire around 10 per cent (9.99 per cent) stake in Jio Platforms with an investment of $5.7 billion (Rs 43,574 crore).
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Other than the reduction in debt, Reliance Industries would be benefitted on the technological front.
The report noted that the large user base of WhatApp could significantly accelerate adoption of the JioMart app.
It further said that Facebook has commercialised multiple VR devices and has video calling device like Portal. Both can work well with Jio’s broadband offering and Portal can also work with Enterprise solution, it said.
The report further talked about benefits that Facebook will have after this deal, it said that its partnership with the largest retail player in India would strengthen its commerce offering. Further, Jio’s ready telecom infrastructure would be the backbone for Facebook’s new age products.
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