Info-tech

Facebook-Jio deal: A year in the making

Rajesh Kurup Mumbai | Updated on April 23, 2020 Published on April 23, 2020

Reliance Jio logo at a mobile phone store in Hyderabad   -  Nagara Gopal

The Facebook-Jio Platform deal has been brewing for the past one year, as the initial discussions had started as early as May 2019, and the paper work started in November.

The top leaders of both the companies – including Reliance Industries Chairman and Managing Director Mukesh Ambani and Facebook Chief Executive Officer Mark Zuckerberg – were involved in the talks from the very beginning itself, sources close to the development told BusinessLine.

“The deal was first expected to close by March 31, 2020, however, it was delayed by various factors including the Covid-19 outbreak and the closure of government offices. The deal was finally closed on Tuesday night,” one of the sources said.

The discussions were on between California and Mumbai teams and some of them were also over videoconferences. A number of meetings also took place between the top teams in California.

The companies are yet to file for Competition Commission of India (CCI) approvals, which will be done by next week or by the end of the month, they said.

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Published on April 23, 2020
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