Facebook is in talks to acquire 10% stake in Jio

Facebook is in talks to acquire a 10% stake in Reliance Jio, was close to signing a preliminary deal with Jio. However, worldwide travel ban due to coronavirus pandemic has postponed the agreement further

Acquiring a stake in Jio is likely to be a multi-billion dollar deal as Sanford C. Bernstein & Co., LLC had valued the telecom company at over $60 billion.

This Stake sale would be important, as Jio looking to pay back most of its debt by 2021, It had reported total debt of nearly Rs 1,450 cr in FY19 and forecasted to reach Rs 1,700 cr by FY 2021.

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