BENGALURU (Reuters) – Facebook ( FB.O) will buy a 10%stake in the digital organisation of India’s Reliance Industries ( RELI.NS) for $5.7 billion, as the social media firm wants to leverage its extremely popular WhatsApp chat service to use digital payment services.
FILE IMAGE: A 3D printed Facebook logo is placed between small toy individuals figures in front of a keyboard in this illustration taken April 12,2020 REUTERS/Dado Ruvic/Illustration
The offer will help the Indian conglomerate cut debt that has accumulated in its pricey push to secure top spot for its Jio Infocomm telecom business.
Facebook’s financial investment will make it the largest minority shareholder in Jio Platforms Ltd, Jio said bit.ly/34 Wzy1a in a statement on Wednesday, putting the business worth of business at around $66 billion. Jio Platforms holds a host of Reliance’s digital properties including Jio Infocomm.
WhatsApp is trying to protect approval to present its digital payment service in India, which will see it complete in a crowded market