Reliance Industries shares saw a boost for over 8 per cent on Wednesday as US social media giant, Facebook said that they would invest a sum of Rs 43,574 crore in Jio Platforms for a 9.99 per cent stake.

According to a report in the Economic Times, this investment will value Jio Platforms at Rs 4.62 lakh crore and will help the company reduce debt further and help Facebook get a stronger hold in the Indian market.

“Reliance Industries Limited, Jio Platforms Limited and Facebook, Inc. today announced the signing of binding agreements for an investment of Rs43,574 crore by Facebook into Jio Platforms,” RIL said in a statement on Wednesday.

“This investment by Facebook values Jio Platforms at Rs4.62 lakh crore pre-money enterprise value ($65.95 billion, assuming a conversion rate of Rs70 to a US Dollar). Facebook’s investment will translate into a 9.99% equity stake in Jio Platforms on a fully diluted basis,” the business house added.

“Facebook is teaming up with Jio Platforms – we’re making a financial investment, and more than that, we’re committing to work together on some major projects that will open up commerce opportunities for people across India,” Zuckerberg wrote on his Facebook page.

“India is home to the largest communities on Facebook and WhatsApp and a lot of talented entrepreneurs. The country is in the middle of a major digital transformation and organisations like Jio have played a big part in getting hundreds of millions of Indians, small businesses online,” he added.