Facebook Might Buy 10% Stake In Reliance Jio: Report

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Reliance Industries has recently announced that it has taken oven certain identified debt of Reliance Jio. The company has also received approval from the National Company Law Tribunal for the same. However, the amount is not known. But, earlier, there were reports which say that 1.08 trillion debt might be transferred to the parent company RIL.

Facebook Might Buy 10% Stake In Reliance Jio: Report

 

Meanwhile, Financial Times reported that Facebook is likely to buy 10 percent of Reliance Jio. It reports states that the social networking site is already discussing the matter with India's largest telecom operator Reliance Jio.

The report also claims that Facebook is all set to close the deal, but it has been delayed due to Covid -19 outbreak. However, earlier there were reports that Google is also planning to buy a stake in the Reliance Jio. But, there is no confirmation about this deal. So, it might be a rumor too. In fact, both Reliance Jio and Facebook have not made any official announcement so far.

The report also said that this will help the company to become a zero percent debt-free company by March 2021. Apart from that, Reliance Industries is also planning to sell a stake of its refinery business to Saudi Aramco. It is worth noting that Reliance Industries has invested a lot in Reliance Jio, and now it has become the number one telecom player in India. The company has more than 370 million subscribers in the country.

Notably, Jio has introduced a new offer for its new broadband users, where it is providing 10 Mbps speed with its basic plan. The company has launched this plan under its initiative called #CoronaHaregaIndiaJeetega. Besides, Jio launched a new plan of Rs. 251 plan, where it ships 2GB of 4G data for 51 days. This plan only offers data benefit there is no calling and message benefit with this plan.

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