Facebook buys Reliance Jio for $5.7 billion

The world tech giant Facebook brought state of of India’s Telecom giant Reliance jio for $5.7 Billion.

Facebook as invested the estimated amount of rupees ₹43,574 Mohsin jio platforms Limited which is part of Reliance Industries. Facebook purchases around 9.99 % of the stakes. Which makes them the largest minority shareholder in Reliance Industries Limited services.

Reliance Official letter to Stock exchanges

Today we are announcing dollar $5.7 billion for ₹43574 crores rupees investment in jio platforms Limited part of Reliance Industries Limited making Facebook its largest minority shareholder

Facebook Official Statement

Investment by Facebook values jio platforms at rupees 4.62 lakh crore pre money Enterprises value $65.95. Facebook investment will translate into 9.99% equity stake in jio platforms on fully diluted basis

Reliance official statement

It’s been claimed that Jio was initially talking to Google for the sale of shares but the outcome of the decision was unknown.

In less than four years, Jio has brought more than 388 million people online, fuelling the creation of innovative new enterprises and connecting people in new ways. We are committed to connecting more people in India together with Jio,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

Reliance Industries Limited

Facebook along with its other have which was purchased early e h includes WhatsApp and Instagram estimated to have more users in India than any other single country in the world. The projected number of internet users in 2020 would be 850 million in India.