Facebook invests $5.7 billion for 9.99% stake in India's Jio Platforms [CNNMoney.com]
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Source: CNNMoney.com
Facebook invests $5.7 billion for 9.99% stake in India's Jio Platforms Hong Kong (CNN Business) Facebook is pumping billions of dollars into Jio Platforms, the digital technology arm of Indian billionaire Mukesh Ambani's sprawling conglomerate Reliance Industries. The deal, announced Wednesday, will see Facebook ( FB ) invest $5.7 billion for a 9.99% stake in Jio Platforms, giving the Silicon Valley company a key foothold in one of the world's fastest growing internet markets. Jio Platforms has several services under its umbrella, including Reliance Jio, the mobile network that has signed up nearly 390 million subscribers since launching three and a half years ago. Reliance also has a retail arm, and the tie-up includes a commercial partnership with Facebook-owned messaging platform WhatsApp that potentially paves the way for Facebook to monetize WhatsApp's 340 million users in India. Reliance is "humbled by the opportunity to welcome Facebook as our long-term partner in co
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