FB keen on buying 10% stake in Jio; Covid-19 may delay the deal: Report

US tech giant Facebook is looking to buy a multibillion-dollar stake in Mukesh Ambani’s Reliance Jio, reports Financial Times. India’s fastest-growing network, Jio, has over 370 million subscribers.

According to the report, Facebook is keen on picking up a 10 per cent stake in Indian telecommunication behemoth, however, the outspread of coronavirus could alter the schedule of signing the deal. Jio is the only company that can possibly take on US tech giants. RIL poured in huge sums of money to expand Reliance Jio and make it the biggest telecom player in the country. This, however, increased the debt burden of Reliance and this deal could help the company to achieve its goal of cutting net debt to zero by March 2021.