Facebook to buy 9.9% in Jio for $5.7 bn in largest tech FDI for minority stake

US tech giant Facebook announced that it would invest Rs 43,547 crore ($5.7 billion) in RIL’s wholly-owned subsidiary Jio Platforms to expand its presence in India. Facebook’s investment translates into 9.9 per cent stake in Jio. This would be Facebook’s biggest minority shareholding ever. This is also the largest foreign direct investment for minority investment in India.

The company said, “Today we are announcing a $5.7 billion, or INR 43,574 crore, investment in Jio Platforms Limited, part of Reliance Industries Limited, making Facebook its largest minority shareholder.”

The investment by Facebook values Jio Platforms at Rs 4.62 trillion pre-money enterprise value ($65.95 billion, assuming a conversion rate of Rs 70 to a US Dollar).