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Published on 22/04/2020 6:12 | Source: ANI

Facebook to invest Rs 43,574 crore in Reliance Jio, largest FDI in India’s tech sector

Posted in Business Videos| #Mukesh Ambani

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New Delhi: Reliance Industries, Jio Platforms and Facebook, on April 21 announced the signing of binding agreements for an investment of Rs 43,574 crore by Facebook into Jio Platforms. The investment by Facebook values Jio Platforms at Rs 4.62 lakh crore pre-money enterprise values ($65.95 billion, assuming a conversion rate of ? 70 to a US Dollar). Facebook's investment will translate into a 9.99% equity stake in Jio Platforms on a fully diluted basis. The announcement was made after market hours on April 21. 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.