August 2020 \ Business & Investment \ BUSINESS AND GOVERNANCE—JIO PLATFORMS

Technology major Google has joined the bandwagon ...

Jio gets Rs 43,574 crore from Facebook


Mr Mark Zuckerberg

Jio Platforms has received Rs 43,574 crore from Facebook, which now owns 9.99 per cent in the company. In a filing with stock exchanges, Reliance Industries Ltd (RIL) said this is further to the announcement on April 22 that Facebook is to invest Rs 43,574 crore in Jio Platforms for a 9.99 per cent stake. “We hereby inform that, after receipt of all requisite approvals, Jio Platforms Limited, a subsidiary of the Company, today received the subscription amount of Rs 43,574 crore from Jaadhu Holdings LLC (a wholly-owned subsidiary of Facebook Inc),” the filing said. Jio Platforms Ltd has allotted equity shares to Jaadhu Holdings, following which Jaadhu Holdings holds 9.99 per cent of the fully diluted equity share capital of Jio Platforms Ltd, RIL said in the filing. Jio Platforms has raised Rs 1.17 lakh crore from marquee global investors. A wholly-owned subsidiary of Reliance Industries, it is a next-generation technology platform focused on providing high-quality and affordable digital services across India, with more than 388 million subscribers.


Related News.