- Reliance Jio and Facebook were planning to close the deal this month
- The deal has been stalled due to coronavirus pandemic
- Reliance Jio is set to be one of the top 100 global brands by 2022
Global tech giant Facebook is reportedly planning to make a “multi-billion dollar” investment in Indian telecom giant Reliance Jio for a 10% minority stake.the deal between Mukesh Ambani-led Reliance Jio and Mark Zuckerberg-led Facebook was supposed to be closed and announced this month but has been stalled due to the coronavirus pandemic.
Nevertheless, the investment in Reliance Jio, which is the largest mobile network carrier with 32.4% market share as of November 2019, will elevate Facebook’s position and future prospects in India.
Launched in 2016, Reliance Jio can easily be termed as a trendsetter for cheap data and call packs. The company not only liberalise mobile data services and call services in India by providing cheap services but also forced other telecom service providers to do it. Thanks to Reliance Jio, India has the cheapest internet services in the world.
As per Telecom Regulatory Authority of India’s (TRAI) report highlighting the performance of the telecom industry for the month of November 2019, Reliance Jio became the largest telecom service provider in India by market share.
The company surpassed Vodafone-Idea, who lost its lead from 31.49% in October to 29.12% in November. Meanwhile, Bharti Airtel still holds the third spot with 28.35% of the market.