Facebook Takes $5.7bn Stake In India’s Jio Platforms
April 22, 2020
6:25 pm
Facebook has taken a $5.7 billion stake in the Jio digital platforms business of India’s richest man, Mukesh Ambani, in one of the country’s biggest foreign investments, the companies said Wednesday.
The deal will give the US social media giant a 10 percent stake in Jio Platforms, part of Ambani’s oil-to-telecoms Reliance Industries empire.
Facebook, which has about 400 million users in India, said it wanted to connect the “power of WhatsApp”, its messaging subsidiary, with the Indian platform, which has grown on the back of a massively successful telecom venture.
In four years Ambani has turned his Jio telecoms …
