India’s most massive telecom, Reliance Jio has just let the world’s largest social media Facebook into its body. Today, Mukesh Ambani, owner of Reliance Industries, has announced the stock purchase of 9.99% by Facebook in Reliance Jio, for a price of Rs. 43,574 Crore ($5.7 billion). This move is beneficial for both, as Reliance Jio is intended to reduce its debt and Facebook to enter one of the largest economies of the world.
Another Revolution?
Facebook Jio Deal
This rapid growth of Reliance Jio made every nation to look at India, and companies like Facebook and Google to set their eyes for piercing in. And now, as per Mukesh Ambani’s announcement today morning, Facebook purchased a 9.99% stock of Jio telecom for a price of Rs.43,574 crores or $5.7 billion. This makes the Reliance Jio’s total valuation at $65.95 billion (at Rs.70/USD). This partly acquisition by Facebook or partially selling of Jio’s stock is one the plans of Reliance Industries to satisfy their aim of making Reliance Jio debt-free by 2021.
The Future Plans!
Source – Reliance Jio
