Facebook's $5.7bn bet on Reliance Jio

Wednesday, 22 April 2020Newsdesk

Facebook has said it is investing $5.7bn (£4.6bn) in cut-price Indian mobile internet company Reliance Jio, which is owned by the country's richest person Mukesh Ambani. The deal makes the social network the largest minority shareholder in the telecoms unit of Reliance Industries, with a 9.99% stake.

New Delhi, 22 April 2020

As per news report of BBC, it gives Facebook a major foothold in India, where its WhatsApp chat service has 400m users and is about to launch a payments service."This investment underscores our commitment to India, and our excitement for the dramatic transformation that Jio has spurred in the country," Facebook said in a statement.

Source -BBC