A few weeks ago, as COVID-19 wreaked havoc across the world, Facebook put down $5.7 billion for an almost 10% stake in Reliance’s Jio Platform — a company that has so many arms that you’re surprised when they’re not involved in something.The most important of Reliance’s arms is Jio, the telecom company, which began operations in 2016 when Reliance chairman Mukesh Ambani leveraged his oil and gas business to scrape together over $30 billion in debt to jumpstart the company. So far, it’s been a brilliant bet.The Facebook-Reliance deal has set off a whole tsunami of speculation on what this pact is really about and whom it will benefit. Many have lauded Facebook for inking what they believe is a pretty savvy deal by getting access, through Reliance Jio’s consumers, to what is going to be a humongous market in India that a predator like Jio will most likely dominate. After all, when Ambani waded into what was a vibrant Indian telecom industry that fielded eleven players of various stripes and sizes, he demolished it almost overnight with his scheme of free voice and data. Today, only three of those players remain: Jio, Airtel, and Vodafone. And Airtel and Vodafone are currently drowning in… Read full this story
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The Facebook-Reliance tango is great for both companies, but is it good for India? have 305 words, post on www.zdnet.com at May 14, 2020. This is cached page on SEO. If you want remove this page, please contact us.