Facebook eyes multi billion dollar stake in Reliance Jio

Facebook eyes multi billion dollar stake in Reliance Jio

Facebook's founder and CEO Mark Zuckerberg speaks at the Viva Tech start-up and technology summit in Paris, France, May 24, 2018. PHOTO: REUTERS

Facebook 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.

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The report said the social media giant was in talks for a 10% 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.

There has been a decline in the company’s revenue due to the coronavirus pandemic.

Users flocking to its services while it undermines ad revenue on which the world’s biggest social network depends.

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Online advertising is expected to be affected by the pandemic as many marketing campaigns are cut back, and ad targeting is thrown into chaos. 

Facebook, which has more than two billion users, is among numerous firms expected to take a hit from the crisis, which has already altered many consumer and online habits.