Facebook picks 9.99% stake on Jio for RS 43,574 cr

April 22: Social Networking site Facebook takes 9.99 per cent stake on Mukesh Ambani's telecom platform Reliance Jio for Rs 43,574 crore. The Social Media giant looking to expend presence in its largest market in terms of subscriber base.

"Today we are announcing a Rs 43,574 crore, investment in Jio Platforms Ltd, a part of Reliance Industries Ltd, making Facebook its largest minority shareholder," the company said in a statement.

"Facebook's investment will translate into a 9.99 per cent equity stake in Jio Platforms on a fully diluted basis," it said.  Reliance Jio Infocomm Ltd with 388 million subscribers, is a wholly-owned subsidiary of Jio Platforms.

India is home to the largest communities on Facebook and WhatsApp.