The social media platform & US tech titan Facebook has acquired a 9.99% stake Reliance Jio i.e. the telecom arm of Reliance Industries Ltd (RIL). Facebook has bought the 9.99% stakes for USD 5.7 billion (about Rs 43,574 crore). This deal of USD 5.7 billion has put the pre-money enterprise value of Jio Platforms at Rs 4.62 lakh crore. Jio Platform is the parent of phone and data unit Reliance Jio Infocomm including various other digital app platforms like JioMart, Jio-Saavn and JioCinema.
Buying stakes in Reliance Jio will give Facebook a strong foothold in the Indian market, where its WhatsApp chat service is having 40 crore users.
Important takeaways for all competitive exams:
- Chief Executive Officer of Facebook: Mark Zuckerberg.
- Facebook Headquarters: California, US.