Davis Polk is advising Reliance Industries Limited and Jio Platforms Limited in connection with binding agreements entered into with Facebook, Inc. for an investment of ₹43,574 crore by Facebook into Jio Platforms. Facebook’s investment will translate into a 9.99% equity stake in Jio Platforms on a fully diluted basis.

Reliance Industries Limited is India’s largest private sector company. Jio Platforms is a wholly-owned subsidiary of Reliance Industries Limited.

Concurrent with the investment, Jio Platforms, Reliance Retail Limited and WhatsApp have also entered into a commercial partnership agreement.

The transaction is subject to regulatory and other customary approvals.  

The Davis Polk corporate and intellectual property and technology transactions team includes partners Jeffrey R. O’Brien, Pritesh P. Shah and Alan F. Denenberg, counsel Matthew J. Bacal and associates Alexander W. Simmonds, Ben Stewart, Fiona Tregeagle, Maxim Van de moortel, Christopher C. Woller and Jordan Jacobs. Members of the Davis Polk team are based in the London, New York and Northern California offices.