Facebook's new friendship with Reliance could go a long way [Reuters]
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Source: Reuters
Breakingviews - It’s easy to like Facebook friending Reliance MUMBAI (Reuters Breakingviews) - Facebook’s new friendship could go a long way. It is paying $5.7 billion to buy a 10% stake in the digital services division of Reliance Industries. The social networking giant’s WhatsApp messaging service will be able to power the retail ambitions of India’s richest man, Mukesh Ambani, and perhaps eventually help him build a lucrative super-app. For an outlay of just 1% of its own market capitalisation, the company led by Mark Zuckerberg gets a piece of Ambani’s newly reorganised and fast-growing tech business. Jio Platforms houses Reliance’s music, TV and cinema streaming services. It also includes a high-speed mobile network that has signed up 388 million customers in less than four years. The investment values the unit at $66 billion, only 6% less than an earlier estimate by CLSA analysts, at a time when a strict nationwide lockdown is crushing consumer spending power. Reliance shares ju
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