According to a RIL statement, the investment by Silver Lake is further testament to the world-class digital platform that Jio has built, 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. The transaction is subject to regulatory and other customary approvals and Morgan Stanley acted as financial advisor to Reliance Industries and AZB & Partners and Davis Polk & Wardwell acted as legal counsels.

RIL reported consolidated turnover of Rs 659,205 crore ($87.1 billion), cash profit of Rs 71,446 crore ($9.4 billion) and net profit of Rs 39,880 crore ($5.3 billion) for the first quarter of this year. Facebook, in April, poured in Rs 43,574 crore for a 9.99 per cent stake in India’s oil-retail-telecom conglomerate-led Jio Platforms—the largest investment for a minority stake by a technology company anywhere in the world and the largest FDI in the Indian tech sector.

Mukesh Ambani said that in the very near future, JioMart and Whatsapp will empower nearly 3 crore small Indian Kirana shops to digitally transact with every customer in their neighbourhood.