Tech Giant Facebook in talks with Mukesh Ambani’s Reliance Jio to acquire 10% stake

It would be Reliance Jio's first equity infusion if and when the deal is done.
But the coronavirus outbreak may have block negotiations.

Facebook will take the help of Reliance Jio's presence in mobile telecom, home broadband, and e-commerce to expand its reach in the Indian digital market.

This appears six months after Jio's parent company Reliance Industries rearranges its group structure to make the telecom entity net debt-free.

The deal was on the verge of closure by the end of this financial year (FY21). However, negotiations may have been temporarily stopped due to the coronavirus pandemic that has led to a 21-day nationwide lockdown in India.

This is a second time both companies have engaged. In July 2019, Facebook had collaborated with Reliance Jio for a digital literacy drive called 'Digital Udaan'. It was targeted at JioPhone users in India, who were new to the internet.

Reliance Jio Director Akash Ambani had stated at the time, "Jio is always looking to work with key global partners to enhance the digital life experience of the Indian consumer eradicate barriers of information asymmetry and provide accessibility in real-time."

In January 2020, Jio became India's largest telecom network, counting 370 million subscribers.
It also posted a record 62.5% growth in profits.
Reliance Industries Chairman Mukesh Ambani described the network as "the driver of digital revolution" in the country.

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