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| Facebook eyes multi billion dollar stake in Reliance Jio | Writer | Admin | |||
|---|---|---|---|---|---|
Facebook is in talks
to buy a multi billion-dollar stake in Mukesh Ambani’s digital operation
Reliance Jio to expand its presence in the Indian digital market, according to
a report by the Financial Times, citing people with knowledge of the
discussions.
It added that the
Silicon Valley technology giant was close to signing a preliminary deal for a
10 per cent share, but negotiations stalled because of the global travel bans
that have been implemented since the coronavirus outbreak.
When contacted a Reliance spokesman declined to comment on the matter. Since Jio's launch in
2016, Reliance has emerged as the only company capable of competing with US
tech groups in the fast-growing Indian market. It has expanded from mobile
telecoms into everything from home broadband to ecommerce. |
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