Reliance Jio connects with Facebook for $5.7-billion equity deal



Facebook and Reliance Jio hit the headlines early Wednesday morning, in a break from the daily lockdown news. Mark Zuckerberg announced in a Facebook post that the technology giant will acquire a 9.99 per cent stake in Jio Platforms Ltd (JPL) through a fresh issue of shares worth Rs 43,574 crore. The deal values JPL—the holding company of Reliance Jio — at an enterprise value Rs 4.62 trillion.
JPL’s equity value works out to Rs 4.36 trillion after Facebook’s investment, making it the fifth most valuable company in the country, behind its parent Reliance Industries (RIL), Tata Consultancy Services, Hindustan Unilever, and HDFC Bank.

Considering the market value of RIL and JPL, the Street is valuing RIL’s remaining but core businesses of refining and petrochemicals and others such as retail at a lesser number of Rs 4.28 trillion. This makes JPL more valuable than the rest of RIL.

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