Facebook invested $5.7 billion in Jio Platform
Facebook invested $5.7 billion in Jio Platforms, a subsidiary of Reliance Industries, one of India’s largest companies and the country’s top telecom carrier. The deal gives Facebook a 9.99% stake in Jio Platforms, making it the company’s largest minority shareholder. This is the largest investment by a foreign company in India’s tech sector.
Facebook said that the investment underscores the company’s commitment to India, where 560 million of 1.3 billion people are online. Facebook said that Jio, which started in 2016, has brought 388 million people online over the last four years.