Facebook in talks to acquire a 10% stake in Jio
By MYBRANDBOOK
Social media czar Facebook is in talks to acquire a 10% stake in Indian telecom giant Reliance Jio. For the first time, the top telecom operator will dilute its stake for a strategic investment. Till date, Mukesh Ambani-led Reliance Industry has infused over $25 billion capital in the subsidiary.
The Mark Zuckerberg-led company was close to signing a preliminary deal with Jio. However, worldwide travel ban due to coronavirus pandemic has postponed the agreement further, says a report.
The stake sale would be important for Reliance Jio, as the company is looking to pay back most of its debt by 2021. The company had reported total debt of nearly Rs 1,450 crore in FY19 and was forecasted to reach more than Rs 1,700 crore by the end of FY 2021.
As per Bernstein analysts, Neil Beveridge and Chris Lane, RIL’s wholly-owned subsidiary is expected to post a profit next year, and by FY23 it will likely overtake RIL’s energy business to become the largest Ebitda contributor.
Apart from telecom, Jio has a gamut of products, including digital payments via UPI, music streaming app JioSaavn, grocery platform JioMart, on-demand TV service JioTv, among several others.
Recently, Jio had applied for permission from the government to undertake 5G trials. If allowed, Jio will be the first company to offer 5G services based on technology and design developed by itself.
Singapore to remove One-Time Passwords from Bank Accounts
According to the Monetary Authority of Singapore, clients who utilise secur...
Is 375 million Airtel subscribers database breached?
When a hacker claims to have accessed and put up for sale a customer databa...
The government of India intends to construct a single portal f
A single portal will be launched by the Indian government to list all of it...
OpenAI offers GPT-4o, a faster model available to all users at
GPT-4o, a faster and more sophisticated AI model, is made available to all...
Icons Of India : AALOK KUMAR
Aalok Kumar is celebrated as a global leader and recipient of the Peop...
ICONS OF INDIA : SANDIP PATEL
Sandip Patel is the Managing Director for IBM India & South Asia regio...
Icons Of India : Debjani Ghosh
Debjani Ghosh is the President of the National Association of Software...
BSE - Bombay Stock Exchange
The Bombay Stock Exchange (BSE) is one of India’s largest and oldest...
PFC - Power Finance Corporation Ltd
PFC is a leading financial institution in India specializing in power ...
CERT-IN - Indian Computer Emergency Response Team
CERT-In is a national nodal agency for responding to computer security...
Indian Tech Talent Excelling The Tech World - Dheeraj Pandey, CEO, DevRev
Dheeraj Pandey, Co-founder and CEO at DevRev , has a remarkable journe...
Indian Tech Talent Excelling The Tech World - REVATHI ADVAITHI, CEO- Flex
Revathi Advaithi, the CEO of Flex, is a dynamic leader driving growth ...
Indian Tech Talent Excelling The Tech World - PADMASREE WARRIOR, Founder, President & CEO - Fable
Padmasree Warrior, the Founder, President, and CEO of Fable, is revolu...