Header Ads

Breaking News

Facebook invests Rs 43,474 cr for 9.99% stake in Reliance Jio

The world’s largest social media company Facebook has announced an investment of Rs 43, 474 crore ($5.7 billion) for a 9.99% stake in Reliance Jio Platforms, a subsidiary of the India’s most valued firm, Reliance Industries. The company is the biggest telecom operator in the country with more than 370 million subscribers.

This investment by Facebook puts Jio Platforms at ₹ 4.62 lakh crore of pre-money enterprise value ($65.95 billion, assuming a conversion rate of ₹ 70 to a US Dollar). Facebook’s investment will translate into a 9.99% equity stake in Jio Platforms on a fully diluted basis, and makes Facebook the largest minority shareholder in the Indian telecom network.

Source Link

No comments