Facebook Buys $5.7 Billion Stake in India’s Reliance Jio

Frater Asia David Fischer India Entertainment social reports WhatsApp Music

07.07.2020 - 23:36

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By Patrick Frater Asia Bureau Chief U.S. social media giant Facebook has unveiled a huge investment in Reliance Jio, a company which has been a game changer in India’s telecoms, media and entertainment sectors.

The deal gives Facebook a 9.99% stake in Reliance Jio at a cost of $5.7 billion. “Today we are announcing a $5.7 billion, or INR 43,574 crore, investment in Jio Platforms Limited, part of Reliance Industries Limited, making Facebook its largest minority shareholder,” said Facebook on its corporate website, attributing the comments to David Fischer, chief revenue officer, and Ajit Mohan, VP and India MD. “India is in the midst of one of the most dynamic social and economic transformations the world has ever seen, driven by the

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