Guwahati, April 22, 2020:
Social media giant Facebook has bought a 9.9% stake in Reliance Jio for $5.7 billion (Rs 43,574 crore). With this acquisition, Facebook is expected to gain a firmer stronghold in what is the company’s largest market.
The deal values Jio at $65.95 billion (4.62 lakh crore).
ALSO READ: Centre must Ensure that NE Students don’t become Victims of Racism: North-East Forum for International Solidarity
Jio, in a statement on the deal, said, “The partnership between Facebook and Jio is unprecedented in many ways. This is the largest investment for a minority stake by a technology company anywhere in the world and the largest FDI in the technology sector in India. The investment values Jio Platforms amongst the top 5 listed companies in India by market capitalization, within just three and a half years of launch of commercial services, validating Reliance Industries’ capability in incubating and building disruptive next-generation businesses, while delivering market defining shareholder value.”