Facebook invests $5.7 billion in Jio Platforms, marking a big push into India [MSNBC.com]
Meta Platforms, Inc. - Class A (FB)
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Source: MSNBC.com
Narendra Modi, India's prime minister, speaks as Mark Zuckerberg, chief executive officer of , listens during a town hall meeting at headquarters in Menlo Park, California.David Paul Morris |Bloomberg | Getty ImagesThe social network made a $5.7 billion investment in Jio Platforms Limited, owned by Reliance Industries which is run by billionaire Mukesh Ambani.Jio Platforms has a number of brands under it including its telecommunications business Reliance Jio which has grown rapidly thanks to competitive pricing to become the number one mobile carrier in India by revenue and subscriber base."This investment underscores our commitment to India, and our excitement for the dramatic transformation that Jio has spurred in the country," said in a blog post on Tuesday.The investment gives a 9.99% stake in Jio Platforms and gives it a pre-money enterprise value of $65.95 billion.India is key for 's WhatsApp messaging service which has over 400 million users in the country. said it will wor
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