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Facebook to invest Rs 43,574 cr in Jio Platforms

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Reliance Industries and Facebook Inc. announced the signing of binding agreements for an investment of Rs 43,574 crore by Facebook into Jio Platforms.

This investment by Facebook values Jio Platforms at ₹ 4.62 lakh crore pre-money enterprise value ($65.95 billion, assuming a conversion rate of Rs 70 to a US Dollar). Facebook's investment will translate into a 9.99% equity stake in Jio Platforms on a fully diluted basis.

Jio Platforms, a wholly-owned subsidiary of Reliance Industries , is a next-generation technology company building a Digital Society for India by bringing together Jio's leading digital apps, digital ecosystems and India's #1 high speed connectivity platform under one umbrella.

Reliance Jio Infocomm , which provides connectivity platform to over 388 million subscribers, will continue to be a wholly-owned subsidiary of Jio Platforms.

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. The investment values Jio Platforms amongst the top 5 listed companies in India by market capitalization, within just three and a half years of launch of commercial services, validating Reliance Industries' capability in incubating and building disruptive next-generation businesses, while delivering market defining shareholder value.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Wed, April 22 2020. 09:11 IST
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