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Facebook to invest Rs 43,574 crores in Reliance Jio

News Agencies | Updated on: 22 April 2020, 10:11 IST
Facebook to invest in Jio

Facebook has announced to invest Rs 43,575 crore in Jio Platforms for a 9.99 per cent stake.

"Reliance Industries Limited (Reliance Industries), Jio Platforms Limited (Jio Platforms) and Facebook, Inc. ("Facebook") today announced the signing of binding agreements for an investment of Rs 43,574 crore by Facebook into Jio Platforms," read a statement by Reliance Industries Limited on Wednesday.

This investment by Facebook values Jio platforms at Rs 4.62 lakh crore pre-money enterprise value (Dollar 65.95 billion, assuming a conversion rate of Rs 70 to a US Dollar).

Facebook's investment will translate into a 9.99 per cent equity stake in Jio Platforms on a fully diluted basis, the statement added.


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First published: 22 April 2020, 8:41 IST