Reliance Jio seems to have allured America’s social media and technology company Facebook’s attention. Facebook is now in talks with Reliance to procure 10 percent stake in the Indian telecom operator. The deal seems to be huge! It is in multi-billion dollars.
Bernstein analysts highly value Jio, at least more than $60 billion. India’s richest man, Mukesh Ambani operates Reliance Industries and has at least until now invested over $25 billion into Reliance Jio for a number of years.
Reliance Jio had surpassed the market by flooding offers like free voice calls, bulk of 4G data for six months. This development forced local network providers Vodafone and Airtel to make a quick move in revising their data plans and mobile tariffs. But they struggled to match the offerings of Jio, which has amassed over 370 million subscribers to become the top telecom operator in the country.
Ajit Mohan, VP and managing director of Facebook India stated, “Wherever we believe there is opportunity beyond the work we do today, we are open to exploring further investment deals.”
Reliance Jio owns a suite of services which also includes JioSaavn, a music streaming service and JioTV and payment service like JioPay.
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