Facebook was keen on buying 10% of Reliance Jio

It is reported that Google, too, was in talks with Reliance.

If a report in the Financial Times (paywall) is to be believed, social media giant Facebook was in talks with Reliance Jio to purchase 10% of the Indian telco. The said 10% stake was valued in billions of dollars. It is also said that Reliance was in separate talks with Google.

Facebook was keen on buying 10% of Reliance Jio

According to FT’s report, the COVID-19 pandemic is the reason why Facebook and Reliance Jio’s supposed deal came to a halt. Fortune India puts Jio’s valuation somewhere between $65-70 billion (roughly ₹5,000 and ₹5,350 crores). That means a 10% stake would be somewhere between $6.5-7 billion.

Acquiring Jio could have meant a doorway for Facebook into India along with a market with complex regulatory challenges. These challenges are better understood by a large local player like Reliance. Moreover, Facebook has more users in India than any other country which means that it’ll get a significant foothold in the Indian telecom market if this deal goes through.

Google, too, was also involved in talks with Jio for the purchase of stake. This came to light when last Microsoft announced plans to partner Jio to offer cloud computing.


RECENT NEWS

Avatar
I am an ambivert, an avid reader, a movie buff, a tea connoisseur, and a staunch fan of Priyanka Chopra Jonas. I like to give my insights through words, which come naturally to me. They also help me to express the myriads of emotions I go through. When not working, I'm either watching the latest tech videos or flipping through pages.

LEAVE A REPLY

Please enter your comment!
Please enter your name here