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Facebook acquires 9.99% stake in Reliance Jio

Mahesh Kumar April 23rd, 2020 11:11 am Leave a comment

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.

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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.

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Mahesh Kumar

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Working as an SEO Manager at Adda247, I bring over 10 years of experience in Search Engine Optimization (SEO) and digital marketing. I specialize in driving organic growth through data-driven strategies, including keyword research, on-page SEO, off-page optimization, and technical SEO. My area of expertise in the EdTech sector, specifically focusing on competitive exams such as Bank, SSC, Railway, UPSC, and various State Government job examinations.