Facebook floats ‘Jaadhu Holdings’ to do business with Jio
Jaadhu, in Hindi, means magic.
Well, that is what Facebook probably hopes to create with its $5.7 billion (Rs 43,573 crore) investment in Reliance Jio Platforms for a 9.99% stake.
Economic Times, “Jio Platforms, Facebook-owned instant messaging service WhatsApp Inc and Reliance Retail Ltd will also enter into a separate commercial agreement.”
- Over 1200 Kirana stores join hands with JioMart, Facebook pilot program
- Jio Mart to sell smartphones and electronics
- WhatsApp as an e-commerce platform gets unveiled
Local is the goal
Ineterestingly, the official filing echoes the larger political exhortation from Prime Minister Narendra Modi for being “vocal for local”.
“The Proposed Transaction and the Proposed Commercial Arrangement are pro-competitive, benefits consumers, Kirana (corner) stores and other small and micro local Indian businesses, and take forward the vision of digital India,” the filing read.
The deal will help Reliance cut its spiraling debt pile while providing the social media giant with a strong foothold in India’s fast-growing market. Facebook’s decision to move ahead with the investment despite the looming risk of a global economic meltdown signals it
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