Facebook buys 9.99% stake in Reliance Jio platform

Facebook has announced the investment of Rs. 43,474 crores in Reliance Jio for 9.99 per cent stake on April 22. It is the largest Foreign Direct Investment (FDI) in India’s tech sector.

The announcement of signing a binding agreement for an investment of Rs. 43,474 crore was made by Jio Platform Ltd, Reliance Industries Ltd. and Facebook.

As per a statement by Reliance Industries Ltd., the investment by Facebook translates into a 9.99% of the equity stake in Jio on a fully diluted basis. The declared investment now values Jio Platforms at Rs. 4.62 lakh crore pre-money enterprise value.