New Delhi: Facebook on Wednesday announced an investment of USD 5.7 billion (Rs 43,574 crore) for acquiring a minority stake in Jio Platforms Ltd as it looks to expand presence in its largest market in terms of subscriber base. Also Read - Facebook Renames Its Libra Cryptocurrency Project From 'Calibra' to 'Novi'
“Today, we are announcing a USD 5.7 billion, or Rs 43,574 crore, investment in Jio Platforms Limited, part of Reliance Industries Limited, making Facebook its largest minority shareholder,” the company said in a statement. Also Read - After 'Bois Locker Room' Fiasco, Facebook Updates Messenger to Protect Minor Users From Harmful Chats
According to previous reports, Reliance Jio’s enterprise value was estimated to be around $60-65 billion in October 2019 following restructuring wherein almost all of the company’s debt had been taken up by its parent Reliance Industries Ltd. Also Read - Facebook-acquired Instagram Now Has 'Messenger Rooms' Group Video Chat Feature
Reliance Industries had soft-launched Jio back in 2015 with its public operations starting in 2016. The company had become the largest telecom operator with a huge subscriber base of over 370 million in three years according to data published by Telecom Regulatory Authority of India (TRAI).
(With PTI Inputs)