Facebook invests $5.7-billion in Reliance Jio, plans digital services for Indian grocers [Toronto Globe and Mail (Ontario, Canada)]
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Source: Toronto Globe and Mail
Facebook invests $5.7-billion in Reliance Jio, plans digital services for Indian grocers A man waters a tree outside the Jio World Centre during lockdown in Navi Mumbai on April 22, 2020. Facebook has taken a $5.7 billion stake in the Jio digital platforms business of India's richest man Mukesh Ambani. INDRANIL MUKHERJEE/AFP/Getty Images A man waters a tree outside the Jio World Centre during lockdown in Navi Mumbai on April 22, 2020. Facebook has taken a $5.7 billion stake in the Jio digital platforms business of India's richest man Mukesh Ambani. Facebook will spend $5.7 billion to take just under 10 per cent of Reliance Industries’ digital unit, seeking to roll out services for India’s grocers and other small businesses by capitalizing upon WhatsApp’s already extensive reach within the country. The stake in Jio Platforms, Facebook’s biggest acquisition since it bought WhatsApp for $22 billion in 2014, will help Reliance slash away at a heavy debt load incurred as it expanded agg
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