Facebook Looking to Acquire 10% Stake in India’s leading Telecom Company
Facebook Inc is in talks to acquire stake India's leading telecom company Reliance Jio, according to a report published in Financial Times.
The report said the social media giant was in talks for a 10% stake in Jio, controlled by India's wealthiest man Mukesh Ambani, but the talks were halted due to global travel bans amid the coronavirus outbreak.
According to previous reports, Reliance Jio's enterprise value was estimated to be around $60-65 billion in October 2019 following the company's future plan to clear all its debt till March 2021.
Reliance Jio had a subscriber market share of 32.1 percent and a revenue market share of 35.4 percent in December 2019 as per previous reports.
Recently, Reliance had restructured the digital businesses to bring it under a single entity in ...