Facebook has invested $5,7 billion to acquire a 9,99% stake in India's largest telecom operator Reliance Jio, which serves more than 380 million subscribers. Following the completion of this transaction, Facebook became the largest minority shareholder of Reliance Jio, a subsidiary of the Indian industrial holding Reliance Industries.
“We are announcing a $5,7 billion investment in Jio Platforms Limited, which is part of Reliance Industries Limited, making Facebook the largest minority shareholder. In less than four years, Jio has provided more than 388 million people with Internet access, helping to create innovative new businesses and connect people in new ways,” Facebook said in a statement posted on its official website.
It was also announced that one of the areas of cooperation between Facebook and Reliance Jio will be related to e-commerce. It is planned to integrate the JioMart service, aimed at small businesses, with the country's most popular instant messenger, WhatsApp, owned by Facebook. Due to this, users will be able to interact with enterprises and make purchases within a single mobile application.
“India is a special country for us. Over the years, Facebook has invested in India to bring people together and help businesses grow and develop. WhatsApp is so ingrained in the lives of the locals that it has become a widely used verb in many Indian dialects. Facebook brings people together and is also one of the biggest growth drivers for small businesses in the country,” Facebook said in a statement.
Source: 3dnews.ru