Reliance Industries (RIL) share price extended rally to 12 percent in afternoon on April 22 after social media giant Facebook announced an investment in the company's telecom unit. Facebook has bought a 9.9 percent stake in Reliance Jio for USD 5.7 billion (Rs 43,574 crore) in the telecom unit of RIL. This deal gives the social media giant a firm foothold in a fast-growing massive market and helps the Indian oil-to-telecom conglomerate to significantly cut debt.
Reliance Industries, Jio Platforms and Facebook, Inc. today announced the signing of binding agreements for an investment of Rs 43,574 crore by Facebook into Jio Platforms, as per the company release.
This investment by Facebook values Jio Platforms at Rs 4.62 lakh crore pre-money enterprise value (USD 65.95 billion, assuming a conversion rate of Rs 70 to a US Dollar), it added.
Catch our entire coverage on the Facebook-Jio deal here
Jio said, "The partnership between Facebook and Jio is unprecedented in many ways. This is the largest investment for a minority stake by a technology company anywhere in the world and the largest FDI in the technology sector in India.
Our efforts with Jio will be focused on opening new doors and fueling India’s economic growth and the prosperity of its people, Facebook said.
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