Social media platform Facebook is planning to buy 10 per cent stake in the country’s biggest telecom company Reliance Jio. Reliance Industries Limited had set a target to make its telecom services arm Jio debt-free by March 31, 2020.
Facebook aims to buy a multibillion-dollar stake in Reliance Jio which has been valued at $60 billion by analysts at Bernstein. However, both Reliance Jio and Facebook did not comment on the report.
Reliance Industries (RIL) in October had announced to set up a new subsidiary to bring all its digital initiatives and apps under a single entity, and infuse Rs 1.08 lakh crore equity into this new unit. Jio apps like JioTV, JioCinema, JioNews etc are to be brought under this new entity in a move to consolidate digital platforms into an elegant capital structure to increase the attractiveness and simplify the structure for possible strategic investors.
In March last year, assets worth about Rs 1.25 lakh crore were demerged from RJIL to Infrastructure Investment Trusts (InvITs) aimed at optimising operational efficiencies and better monetisation of core digital connectivity platform, tower and fibre passive infrastructure.