Reliance Industries (RIL) today announced that Facebook (FB) would invest Rs436 bn for a 9.99% stake in Jio Platforms, valuing it at Rs4.6 tr. We see partnership with a strong technological partner like FB would strengthen entire digital ecosystem for RIL and would enable it to come out with new business opportunities. First such opportunity we think is combined go-to-market of Whatsapp and Reliance Retail. FB's investment in Jio unlocks value for RIL and lowers its net debt (Rs1.5tr at the end of Q3FY20) and provides access to a global technology platform. The company's monetisation of assets after a massive investment of US$70 bn in downstream, retail and Telecom over the...