Jio Platforms gets interest from global investors for deal similar to Facebook

After selling a 10% stake in its digital arm Jio Platforms to Facebook, Reliance Industries said it has received additional interest from global investors for a similar-sized stake. The Mukesh Ambani-led conglomerate said that an announcement could be made in coming months.

Following Facebook’s 9.9% stake buy for Rs 43,574 crore, other global investors are making a beeline for similar deals with Jio Platforms, Reliance Industries (RIL) said.

Reliance said, “In addition to the Facebook investment, the Board was informed that RIL has received strong interest from other strategic and financial investors and is in good shape to announce a similar sized investment in the coming months.”

RIL announced its fourth quarter ended March 31, 2020 results on Thursday. The company registered a net profit of Rs 6,348 crore.

Facebook’s investmenet in Jio Platforms put the telecom major in India’s top five companies by market capitalisation within four years of its launch.

“This is the largest investment for a minority stake by a technology company anywhere in the world and the largest FDI in the technology sector in India,” it had said.