Facebook invests $5.7 billion in Indian internet giant Jio

Wednesday, 22 April 2020 10:29

Social media giant has pumped in $5.7 billion (more than AED 20 billion) for 9.99 per cent stake in the digital arm of India's Reliance Industries.

The deal makes Facebook the largest minority shareholder in the Indian telecom network.

Facebook said the investment marks its “commitment to India”, with plans to link WhatsApp and Reliance's e-commerce venture JioMart.

"In the near future JioMart... and WhatsApp will empower nearly 30 million small Indian kirana (local) shops to digitally transact with every customer in their neighborhood," Mukesh Ambani, Reliance's billionaire CEO said in a video statement.

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