Friday, 24 March, 2023

Facebook buys 9.99% stake in Reliance Jio for Rs 43,574 cr, biggest FDI in country's  tech sector

<p>Facebook will invest Rs 43,574 cr into Reliance&#39;s Jio platform, for a 9.99% stake valuing the platform at Rs 4.62 lakh cr and making it the biggest FDI in the technology sector in India. Reliance Jio - the telecom unit with 388 mn subscribers - will continue to remain a wholly-owned subsidiary of Jio Platform. Jio and FB are said to be in talks for creating a super app on the lines of China&#39;s We-chat.</p>