The Facebook-Reliance Jio deal will see the Mark Zuckerberg founded company invest Rs 43,574 crore in Jio Platforms, acquiring a 9.99% stake in Jio Platforms.
According to a recent Credit Suisse report, the deal would help Reliance Industries (RIL) move closer to its aim of becoming a zero net debt company by March 2021. The company would also benefit when it came to the technological side of things.
Justice Bellur Narayanaswamy Srikrishna, a retired Supreme Court Judge who had in the past chaired the committee that created the first draft of the Personal Data Protection Bill, raised red flags about the deal recently. Speaking at a webinar on Data Governance and Democratic Ethos that was hosted by the Daksha fellowship, he pointed out the lack of a regulator. A Business Today report quotes the judge to say that the absense of a data regulator to oversee privacy concerns that could emerge in the wake of the deal was problematic.
"Data regulation becomes a big issue there, because of absence of regulator. And the regulator is not there because there is no law in place," the publication quoted him as saying.