Facebook buying stake in Reliance Jio for Rs 43,574 crore for 9.99 percent

NEW YORK: It’s official. Social media and tech giant Facebook is pouring in Rs 43,574 crore for a 9.99 percent stake in India’s oil-retail-telecom conglomerate Reliance Industries Limited (RIL) led Jio Platforms — the largest investment for a minority stake by a technology company anywhere in the world and the largest FDI in the Indian tech sector, according to an RIL statement on Wednesday.

“This investment by Facebook values Jio Platforms at Rs 4.62 lakh crore ($65.95 billion) pre-money enterprise value, agreed at a conversion rate of Rs 70 to a US Dollar. Facebook’s investment will translate into a 9.99% equity stake in Jio Platforms on a fully diluted basis,” RIL said.

RIL chairman and managing director and Asia’s richest man Mukesh Ambani said “the synergy between Jio and Facebook will help realise Prime Minister Narendra Modi’s eDigital India’ Mission with its two ambitious goals — ‘Ease of Living’ and ‘Ease of Doing Business’ — for every single category of Indian people without exception”. (IANS)

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