Facebook invests $5.7B in Indian Internet giant [CNNMoney.com]
Meta Platforms, Inc. - Class A (FB)
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Source: CNNMoney.com
Facebook is spending $5.7 billion to capitalize on India's internet boom Hong Kong (CNN Business) Facebook ( FB ) is spending billions of dollars for a stake in India's largest mobile operator, and teaming up with the country's richest man to tap into an internet boom. The deal, announced Wednesday, will see the US company invest $5.7 billion for a 9.99% stake in Jio Platforms, the digital technology arm of Indian billionaire Mukesh Ambani's sprawling conglomerate Reliance Industries. Amazon's India business is getting an offline boost Jio Platforms has several services under its umbrella, including Reliance Jio, the mobile network that has taken India by storm since launching less than four years ago, racking up 388 million users, putting his brother and rival out of business and forcing other local operators to merge. Apps where users can stream movies, shop online and read news also fall under Jio Platforms. The tie-up includes a commercial partnershi
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