Mumbai: Reliance Industries Limited (“Reliance Industries”), Jio Platforms Limited
(“Jio Platforms”) and Facebook, Inc. (“Facebook”) today 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.

Reliance Industries in its statement said, ‘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 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. 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 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 postCOVID era, comprehensive digitalisation will be an absolute necessity for revitalisation of the
Indian economy. It is our common belief and commitment that no Indian should be deprived of the
tremendous new opportunities, including opportunities for new employment and new businesses,
in the process of India’s 360-degree digital transformation.’

‘Concurrent with the investment, Jio Platforms, Reliance Retail Limited (“Reliance Retail”) and
WhatsApp have also entered into a commercial partnership agreement to further accelerate
Reliance Retail’s New Commerce business on the JioMart platform using WhatsApp and to
support small businesses on WhatsApp. WhatsApp already plays an important role in helping
people and businesses connect in India. Reliance Retail’s New Commerce platform, JioMart, is
being built in partnership with millions of small merchants and kirana shops to empower them to
better serve the needs of Indian consumers. The companies will work closely to ensure that
consumers are able to access the nearest kiranas who can provide products and services to their
homes by transacting seamlessly with JioMart using WhatsApp.’

Commenting on the partnership with Facebook, Mr Mukesh Ambani, Chairman and Managing
Director, Reliance Industries Ltd, said, “When Reliance launched Jio in 2016, we were driven by
the dream of INDIA’S DIGITAL SARVODAYA – India’s Inclusive Digital Rise to improve the quality
of life of every single Indian and to propel India as the world’s leading Digital Society. All of us at
Reliance are therefore humbled by the opportunity to welcome Facebook as our long-term partner
in continuing to grow and transform the digital ecosystem of India for the benefit of all Indians. The
synergy between Jio and Facebook will help realise Prime Minister Shri Narendra Modi’s ‘Digital
India’ Mission with its two ambitious goals — ‘Ease of Living’ and ‘Ease of Doing Business’ – for
every single category of Indian people without exception. In the post-Corona era, I am confident
of India’s economic recovery and resurgence in the shortest period of time. The partnership will
surely make an important contribution to this transformation.”

The transaction is subject to regulatory and other customary approvals.
Morgan Stanley as financial advisor and AZB & Partners and Davis Polk & Wardwell as counsels
advised on the transaction.

Jio Platforms, a wholly-owned subsidiary of Reliance Industries Limited, is a next-generation
technology company building a Digital Society for India by bringing together Jio’s leading digital
apps, digital ecosystems and India’s #1 high speed connectivity platform under one umbrella.
Reliance Jio Infocomm Limited, which provides connectivity platform to over 388 million
subscribers, will continue to be a wholly-owned subsidiary of Jio Platforms.

Jio’s vision is to enable a Digital India for 1.3 billion Indians and Indian businesses, especially
small merchants, micro-businesses and farmers. Jio has brought transformational changes in the
Indian digital services space and propelled India on the path towards becoming a global
technology leader and among the leading digital economies in the world.

Jio has built a world-class digital platform powered by leading technologies such as Broadband
connectivity, Smart Devices, Cloud and Edge Computing, Big Data Analytics, Artificial
Intelligence, Internet of Things, Augmented and Mixed Reality and Blockchain.

Jio has created an eco-system comprising network, devices, applications, content, service
experiences and affordable tariffs for every Indian to experience the Jio Digital Life. During the
current Covid-19 crisis, Jio’s platforms have been a dependable and inclusive Digital Lifeline for
our Nation.

As one of the largest countries in the world, India is home to some of Facebook’s most thriving
communities on WhatsApp, Facebook and Instagram. Over the years, 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.

DeshGujarat