Facebook is close to buy 10 percent stake in Reliance Jio, says reports.
This growing presence of Jio in India has attracted social media giant, Facebook. If goes by latest rumour, Facebook is reportedly close to securing a multi-billion dollar stake in Reliance Jio, a Financial Times report said. Citing people close to the matter, Financial Times has claimed that Facebook is close to signing a
"preliminary deal for a 10 per cent share" in the telecom operator. The report adds that the deal is already in its last legs, with the two companies earlier planning to announce it later this month -- coinciding with the end of the Indian financial year.
Responding to the news, the scrips of Reliance Industries (Reliance Jio is a subsidiary company of Reliance Industries) was in high demand from Wednesday morning onwards. Reliance shares has moved up by 15 pc to reach at Rs.1084.