Social media company Facebook is now eyeing Indian telecom company Reliance Jio. The American company Facebook wants to buy a 10 percent stake in Reliance Jio, owned by Reliance Infocom, owned by Mukesh Ambani. The billion-dollar deal is currently being stalled due to the Corona virus crisis. The Financial Times has published this report citing two people involved in the case. Both the persons have given this information on the condition of anonymity. Facebook was in the final stages of signing the deal but could not complete it due to the Global Travel Ban. However, no official statement has been received from the company about this yet.
According to the report, in addition to Facebook, Google is also negotiating separately with Reliance Jio. Financial Times got information about this discussion from a person associated with this case. Earlier, Microsoft announced a partnership in the cloud computing business with Jio in 2019.
Facebook will get big market
If Facebook makes this deal with Mukesh Ambani Reliance Jio, then it will have access to a wider market in India, where WhatsApp chat is already active on about 400 million users. Facebook is preparing to launch a payment service soon through WhatsApp. In view of the increasing scope of digital payments in the country, this deal will provide a good market to Facebook.
Let me tell you, Reliance Jio owned by Mukesh Ambani, was launched in 2015. Its commercial operation started in 2016. In the last 4 years, the number of subscribers of Jio has gone beyond 37 crores and it has also become the largest company in the Indian telecom market.
JIO free internet service in Corona crisis
Meanwhile, Jio has also made a big announcement to deal with Coronavirus. The company has said that it will provide basic 10mbps internet service free to its new user. So that people can stay connected with each other in this hour of examination. The Jio Home Gateway router will also provide with a minimum refundable deposit and will not take any charge for internet service during the 21-day lockdown period.