Facebook eyeing multibillion-dollar stake in Reliance Jio - report

Facebook Inc is in talks to buy a multi-billion dollar stake in Reliance Industries Ltd's telecom unit, the Financial Times reported on Tuesday, citing two people with knowledge of the matter.

The report said the social media giant was in talks for a 10 percent stake in Jio, controlled by India's wealthiest man Mukesh Ambani, but the talks were halted due to global travel bans amid the coronavirus outbreak.

Jio began operations in late 2016 with free voice and cut-price data, forcing rivals to match prices and triggering consolidation in an overcrowded sector. The company, which quickly became the top telecom operator in the country, is now valued at USD 60 billion by analysts at Bernstein.