Facebook to invest Rs 43,574 cr in Reliance Jio; largest FDI in India’s tech sector

Facebook has announced to invest Rs 43,575 crore in Jio Platforms for a 9.99 per cent stake.

"Reliance Industries Limited (Reliance Industries), Jio Platforms Limited (Jio Platforms) and Facebook, Inc. ("Facebook") today announced the signing of binding agreements for an investment of Rs 43,574 crore by Facebook into Jio Platforms," read a statement by Reliance Industries Limited on Wednesday. This investment by Facebook values Jio platforms at Rs 4.62 lakh crore pre-money enterprise value (Dollar 65.95 billion, assuming a conversion rate of Rs 70 to a US Dollar).

Facebook's investment will translate into a 9.99 per cent equity stake in Jio Platforms on a fully diluted basis, the statement added.

This is the largest investment for a minority stake by a technology company anywhere in the world and the largest FDI in the technology sector in India.