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April 22, 2020 02:04 pm
Original Link: http://rss.slashdot.org/~r/Slashdot/slashdot/~3/kzgydLvtwG8/facebook-invests-57b-in-indias-reliance-jio
Facebook Invests $5.7B in India's Reliance Jio
Facebook has enjoyed unparalleled reach in India for more than a decade. But as China's fast-growing ByteDance emerges as a formidable competitor in what has become the world's second largest internet market, the American social media giant has found the horse it wants to bet on in the new decade. From a report: The world's largest social media company announced today it has invested $5.7 billion for a 9.99% stake in India's Reliance Jio Platforms, a three-and-a-half-year-old subsidiary of the nation's most valued firm, Reliance Industries, and the biggest telecom operator in the country with more than 380 million subscribers. The deal, which valued Jio at a pre-money valuation of $65.95 billion, makes Facebook the largest minority shareholder in the Indian telecom network. The social giant said the investment marks its "commitment to India," where it will focus on collaborating with Jio to create "new ways for people and businesses to operate more effectively in the growing digital economy." This is the largest investment for a minority stake by a technology company anywhere in the world and the largest foreign direct investment in the technology space in India.Read more of this story at Slashdot.
Original Link: http://rss.slashdot.org/~r/Slashdot/slashdot/~3/kzgydLvtwG8/facebook-invests-57b-in-indias-reliance-jio
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