Facebook may buy 60 billion dollar stake in Reliance Jio

VAMAKSHI RASTOGI 25/03/2020 18:24:59

Washington: Reliance Industries Limited has targeted to make its telecom services-Jio, debt-free by March 31, 2020. In October, Reliance Industries (RIL) had announced to set up a new subsidiary to bring all its digital initiatives and apps under a single entity. 


According to the media reports, Facebook is looking to buy a 60 billion-dollar stake in Reliance Jio. Whereas, lockdown may have an impact on the timing of the deal. However, both Reliance and Jio did not comment on the report. 


Apps like JioCinema, JioNews and JioTV etc are to be brought under the single entity to increase the attractiveness and simplify the user interface structure for strategic investors.


To be mentioned that, Reliance Jio took some debt but the company nethier disclosed the financial details of the company nor the name of creditors. 




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