Facebook has acquired a $5.7bn stake in Reliance Jio, joining forces with the fast-growing Indian telecoms company as it seeks to deepen its foothold in the region. The world’s largest social media company on Tuesday announced the purchase of almost 10 per cent of the heavily indebted Jio, whose cut-price mobile internet service has attracted 388m Indian users since its birth in 2016. Facebook said the deal — its largest single investment in another company aside from its acquisitions — meant it was now the largest minority shareholder in the Indian telecoms group and marked its “commitment to India”. Read More...
Facebook has acquired a $5.7bn stake in Reliance Jio, joining forces with the fast-growing Indian telecoms company as it seeks to deepen its foothold in the region. The world’s largest social media company on Tuesday announced the purchase of almost 10 per cent of the heavily indebted Jio, whose cut-price mobile internet service has attracted 388m Indian users since its birth in 2016. Facebook said the deal — its largest single investment in another company aside from its acquisitions — meant it was now the largest minority shareholder in the Indian telecoms group and marked its “commitment to India”.
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