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 Source: inc42.com

Facebook Likely To Acquire 10% Stake In Reliance Jio

Quick Summary

Reliance Jio is set to be one of the top 100 global brands by 2022Global tech giant Facebook is reportedly planning to make a “multi-billion dollar” investment in Indian telecom giant Reliance Jio for a 10% minority stake. As per a report by Financial Times, the deal between Mukesh Ambani-led Reliance Jio and Mark Zuckerberg-led Facebook was supposed to be closed and announced this month but has been stalled due to the coronavirus pandemic. Nevertheless, the investment in Reliance Jio, which is the largest mobile network carrier with 32.4% market share as of November 2019, will elevate Facebook’s position and future prospects in India. Launched in 2016, Reliance Jio can easily be termed as a trendsetter for cheap data and call packs. Thanks to Reliance Jio, India has the cheapest internet services in the world.

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