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Diversification pays off handsomely for RIL, as Reliance Jio befriends Facebook

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Henry Ford never diversified; Bill Gates didn't diversify. "The way to get rich is to put your eggs in one basket, but watch that basket very carefully.

And make sure you have the right basket," said well-known American investor Jim Rogers. The Ambani family obviously thinks differently, and is now laughing all the way to the bank.

With oil and petroleum products seeing a major decline world-over, Reliance Industries Ltd’s diversification into consumer businesses are paying off at just the right time.

The company announced on Tuesday that it has entered into a binding agreement with Facebook, Inc. for the sale of a 9.99% equity stake in subsidiary Jio Platforms Ltd for ₹43,574 crore ($5.7 billion).

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