Facebook in talks to acquire stake in top Indian telco Reliance Jio, report says

Reliance Jio, a three-and-a-half-year-old subsidiary of India’s most valued firm Reliance Industries, may have attracted the attention of an American giant: Facebook.

The social conglomerate is in talks to acquire a 10% stake in Indian telecom operator, the Financial Times reported Tuesday. The size of the deal, the paper said, was in “multi-billion dollars.”

Analysts at Bernstein valued Jio at over $60 billion.

Reliance Jio, which began its commercial operation in the second half of 2016, upended the local telecom market by offering bulk of 4G data and free voice calls for six months.