Mukesh Ambani becomes Asia’s richest after Reliance Jio-Facebook deal

23 April, 2020 | Priyanka Sharma

General Atlantic Jio Deal National

Reliance Jio's head honcho Mukesh Ambani has become the richest man in Asia after Reliance Jio-Facebook deal. His fortune rose from $4.7 billion to $49.2 billion on Wednesday.

After Reliance Jio-Facebook deal, Mukesh Ambani has once again become Asia’s richest man. The deal gave Reliance Industries Ltd a jump of 10% surge in the stock market and his fortune rose from $4.7 billion to $49.2 billion on Wednesday. According to Bloomberg Billionares Index, Ambani has topped China’s Jack Ma by about $3.2 billion in gaining the first position on Asia’s Richest List.

On Wednesday, it was announced that Facebook would invest Rs 43,574 crore in Reliance Jio, giving the social media giant a 9.99% equity stake in Jio Platform. Touted as one of the largest FDI in Indian Tech Sector, the deal is also one of the significant investments for Facebook after it acquired WhatsApp in 2014. As a part of the deal, Facebook and Reliance Jio aim to bring together digital apps and a wireless platform under one broad spectrum.

Speaking about the deal, Mukesh Ambani said in a Facebook video that the core of Reliance Jio-Facebook deal lies in an all-around digital transformation of India. The synergy between the two media conglomerates will help realise Prime Minister’ Digital India mission and contribute to India’s economic recovery and resurgence quickly in the post Coronavirus era.

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Mukesh Ambani further added a comprehensive digitalisation will play a prime role in the resurgence of Indian economy in the post coronavirus era. They are committed to ensure that no Indian is deprived of new opportunities. The Reliance Jio Facebook deal will particularly lead to India’s 360-degree digital transformation.

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