UPDATE 1-Facebook invests $5.7 billion in India's Reliance Jio [Reuters]
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Source: Reuters
UPDATE 1-Facebook invests $5.7 billion in India's Reliance Jio (Adds background, statement from Jio) April 22 (Reuters) - Facebook Inc announced a $5.7 billion investment in Reliance Industries Ltd’s telecom unit on Wednesday, making it the largest minority shareholder in Jio Platforms Limited. The social media giant said bit.ly/2RX7iGN it would focus on collaborating its messaging platform WhatsApp with Reliance's e-commerce venture JioMart to enable people to connect with small businesses. Facebook's investment will translate to a 9.99% equity stake in Jio Platforms on a fully diluted basis, Jio said bit.ly/34Wzy1a in a statement. The deal comes at a time when Facebook-owned WhatsApp has secured approval to roll out its digital payment service in India, according to media reports bit.ly/2UzxlGa, to compete with the likes of Google Pay and Paytm. WhatsApp has 400 million users in India, its biggest market, reaching nearly 80% of smartphone users in the country. Reliance Jio, the fast
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