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Facebook in pact to invest 5.7 bln USD in India's Jio Platform

Xinhua News,MUMBAI
2020-04-22 12:11

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MUMBAI, April 22 (Xinhua) -- India's diversified conglomerate Reliance Industries Wednesday said that it has entered into a pact with global social media platform Facebook, as the latter would invest 5.7 billion U.S. dollars in Jio Platforms, a next generation technology company providing Internet data services.

This investment by Facebook values Jio Platforms at 65.95 billion U.S. dollar pre-money enterprise value, assuming a conversion rate of 70 Indian rupees to a U.S. dollar, the statement said.

Launched in 2016, Jio has built a digital platform powered by leading technologies such as Broadband connectivity, Smart Devices, Cloud and Edge Computing, Big Data Analytics, Artificial Intelligence, Internet of Things, Augmented and Mixed Reality and Blockchain.
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