Facebook to Buy Minority Stake in Jio Platforms For $5.7 Billion

New Delhi: Facebook on Wednesday announced an investment of USD 5.7 billion (Rs 43,574 crore) for acquiring a minority stake in Jio Platforms Ltd as it looks to expand presence in its largest market in terms of subscriber base. Also Read – Raipur Cops Nab Man Running Fake Facebook Account as Nisha Jindal With 10K Followers

“Today, we are announcing a USD 5.7 billion, or Rs 43,574 crore, investment in Jio Platforms Limited, part of Reliance Industries Limited, making Facebook its largest minority shareholder,” the company said in a statement. Also Read – Facebook Releases COVID-19 Symptom Map, Set to Expand Globally With User Inputs

According to previous reports, Reliance Jio’s enterprise value was estimated to be around $60-65 billion in October 2019 following restructuring wherein almost all of the company’s debt had been taken up by its parent Reliance Industries Ltd. Also Read – ‘Nisha Jindal’ Arrested For Spreading Communal Hatred Through Facebook Turns Out to Be A Man

Reliance Industries had soft-launched Jio back in 2015 with its public operations starting in 2016. The company had become the largest telecom operator with a huge subscriber base of over 370 million in three years according to data published by Telecom Regulatory Authority of India (TRAI).

(With PTI Inputs)