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Current Affairs

Social Media Platform Facebook Acquires 9.99% Stake in Reliance Jio

Current Context: The social media platform and US tech giant Facebook buys a 9.99% stake in the Reliance Jio platform which is the telecom company of Reliance Industries Ltd (RIL).
Social Media Platform Facebook Acquires 9.99% Stake in Reliance Jio
  • Facebook to perform investment of Rs. 43,474 crores in Reliance Jio for 9.99% stake. It is the largest Foreign Direct Investment (FDI) in India’s tech sector.
  • The cooperation between Reliance and Facebook will help in achieving Prime Minister Narendra Modi’s Digital India Mission with its two goals of ‘Ease of doing businesses and ‘ease of Living’.
  • Therefore by investing in Reliance Jio, Facebook will be getting a strong foothold in Indianmarket, where its WhatsApp chat service is having 40 crore users.

Static Part:

  • HQ of Facebook: California, US
  • CEO of Facebook: Mark Zuckerberg
  • Chairman of Reliance Jio: Mukesh Ambani.

Questions:

Q.1 Which of the following platform to buy stakes in Reliance Jio?
a. Microsoft
b. Amazon
c. Twitter
d. Facebook

Q.2 How many percents stake Facebook to buy in Reliance Jio?
a. 8.99%
b. 9.99%
c. 7.5%
d. 9.95%
Social Media Platform Facebook Acquires 9.99% Stake in Reliance Jio Social Media Platform Facebook Acquires 9.99% Stake in Reliance Jio Reviewed by Neha Verma on April 23, 2020 Rating: 5

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