For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

Facebook Buys 9.9% Stake In Reliance Jio

|

Facebook, the messenger company has bought a 9.9% stake in Reliance Jio for Rs. 43,574 crore. The deal will significantly cut Reliance Industries' debt as well as enable Facebook strengthen its foothold in a rapidly growing market.

The deal values RIL's telecom arm Jio at $65.95 billion.

Facebook Buys 9.9% Stake In Reliance Jio
 

On the deal RIL said, for a small stake this is the largest investment by a tech company and the largest FDI in technology space in India. The acquisition places the Jio platform amongst the top 5 listed companies in India by market cap.

"This investment underscores our commitment to India, and our excitement for the dramatic transformation that Jio has spurred in the country. In less than four years, Jio has brought more than 388 million people online, fueling the creation of innovative new enterprises and connecting people in new ways. We are committed to connecting more people in India together with Jio", Facebook said.

The company further said, "Our goal is to enable new opportunities for businesses of all sizes, but especially for the more than 60 million small businesses across India."

Jio Platforms, Reliance Retail and Facebook's WhatsApp service have made an agreement for further accelerating Reliance Retail's new commerce business on the JioMart platform by using WhatsApp, RIL said.

GoodReturns.in

Read more about: facebook ril reliance jio fdi
Company Search
Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more