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Facebook buys 10% stake in Jio platform
April 22, 2020
Facebook announced ₹ 43,574 crore investments in Jio to buy a 10% stake in Reliance as the social media giant to increase the reach worldwide in terms of subscribers.
The company said in a statement, “We are announcing investment in the Reliance Jio making the Facebook smallest shareholder of the company”.
Jio a completely owned platform by Reliance and it has 338 million subscribers. The deal is done by Reliance to cut the debts. Reliance Industries has already tied-up with other businesses and this deal will benefit both the companies.
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