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Facebook Buys 9.99% Stake in Reliance Jio

Facebook Buys 9.99% Stake in Reliance Jio

Facebook Buys 9.99% Stake in Reliance Jio

The US social media major Facebook will invest at least Rs 43,574 crore to buy shares of the Reliance Jio. They will buy a Jio platform from the unit of Reliance Jio, for 9.99% of the stake. This would be a development that would boost the shares of India’s oil to retail conglomerate over 8% in the same trade. 

This investment on the Reliance Jio is as much as that of investment on any online application which is almost 4.62 lakh crore. This deal between Facebook and Reliance Jio was much needed. This will help Reliance Jio to get over the debt that they have in store while this will make Facebook, even more, stronger than ever before. 

In some interviews both the companies have separately spoken of taking up some projects together so that one will come up with some opportunity in the near future to bring some opportunity for people across India. 

“Reliance Industries Limited, Jio Platforms Limited, and Facebook, Inc. today announced the signing of binding agreements for an investment of Rs43,574 crore by Facebook into Jio Platforms,” Reliance Owner said in a statement on Wednesday.

“This investment by Facebook values Jio Platforms at Rs4.62 lakh crore pre-money enterprise value ($65.95 billion, assuming a conversion rate of Rs70 to a US Dollar). Facebook’s investment will translate into a 9.99% equity stake in Jio Platforms on a fully diluted basis,” again added the owner. 

At the core of our partnership is the commitment that Mark Zuckerberg, founder of Facebook, and I share for the all-round digital transformation of India and for serving all Indians…In the post-Corona era, I am confident of India’s economic recovery and resurgence in the shortest period of time. The partnership will surely make an important contribution to this transformation,” said Mukesh Ambani the Chairman of the Reliance Industries Limited. 

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*the news has been taken from reference source Economic Times and the facts and figure remain the same.

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