Facebook takes 5.7 billion dollar stake in Jio digital platforms
The deal is one of the biggest foreign investments made in India and will give the US social media giant a 10-percent stake
By : DC Correspondent
Update: 2020-04-22 06:17 GMT
Facebook said on Wednesday it has taken a $5.7-billion stake in the Jio digital platforms business of India's richest man Mukesh Ambani.
The deal is one of the biggest foreign investments made in India and will give the US social media giant a 10-percent stake in Jio Platforms, part of Ambani's Reliance Industries empire, the two sides said.
Announcing the deal, Facebook said it wanted to link up the "power of WhatsApp", its messaging subsidiary, with Jio, which is taking a fast-growing share of the online sector to increase digital business. India is Facebook's biggest single market.