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Reliance will solicit more Facebook-sized investments for Jio Platforms

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With crude futures for coming months sometimes going negative due to the COVID-19, this is a surreal time to be in the oil business. But Reliance's unusual diversification into telecom has given the company a bit of a bright spot. Jio is now worth more than the company's other businesses put together (in financial markets, that is). The boost is a result of Facebook buying an enormous $5.7 billion stake in Jio Platforms for 9.9% of the holding, which owns Jio as well as all of Reliance's digital ventures. Reliance will solicit more capital for Jio: After Facebook's 9.9% stake, "RIL has received strong interest from other strategic and financial investors and is in good shape to announce a similar sized investment in the coming months," the company said in its press release for Q4FY2020. Amassing capital this way will build a solid base for Reliance to get the next phase of its telecom plans rolled out. Increased focus on telecom and B2C: Reliance is preparing to selling off a significant oil and petrochemicals wing, worth tens of billions of dollars. Now that telecom and home delivery are among the few industries which are likely to survive the throes of this pandemic, the company's focus on telecom is likely to intensify. With its own $21 billion infusion into Jio Platforms and Facebook's capital, the company is likely to double down on these businesses. Its existing retail network and size will help it scale. Will Jio deliver? As JioMart pilots in Maharashtra, Jio's…

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