Is it true that Facebook is buying a stake in Reliance Industries and what do you as the impact of this move?

Firstly, there is no confirmed announcement from either of the companies and these are based on a report in the Financial Times London. Secondly, Facebook is not picking up a stake in Reliance Industries but they have apparently expressed interest to pick up a 10% stake in Reliance Jio. RIL has already poured in huge sums of money to expand Reliance Jio and make it the biggest telecom player in the country. This increased the debt burden of Reliance and this deal could help the company achieve its goal of cutting net debt to zero by March 2021. That is also being seen as a logical step after Reliance had separated Jio into a separate entity to attract foreign investors and an eventual listing on the bourses. This has helped the stock to rally by over 8% on Wednesday. This would be a welcome relief for the stock which corrected more than 30% in the last one month.