Facebook eyes multi billion dollar stake in Reliance Jio - Financial Times

Facebook eyes multi billion dollar stake in Reliance Jio - Financial Times

Facebook Inc is in talks to buy a multi billion dollar stake in Reliance Industries Ltd's telecom unit, the Financial Times reported on Tuesday, citing two people with knowledge of the matter.

FILE PHOTO: Facebook logos
FILE PHOTO: The Facebook logo is displayed on a mobile phone in this picture illustration taken December 2, 2019. REUTERS/Johanna Geron/Illustration

REUTERS: Facebook Inc is in talks to buy a multi billion dollar stake in Reliance Industries Ltd's telecom unit, the Financial Times reported on Tuesday, citing two people with knowledge of the matter.

The report said the social media giant was in talks for a 10per cent stake in Jio, controlled by India's wealthiest man Mukesh Ambani, but the talks were halted due to global travel bans amid the coronavirus outbreak.

Facebook declined to comment.

(Reporting by Amal S in Bengaluru)

Source: Reuters

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