Facebook on Wednesday announced a financial investment of $5.7 billion (43,574 crore) to purchase a 10%stake in the company that houses billionaire Mukesh Ambani’s telecom arm Jio, as the social media giant looks to expand existence in its largest market in terms of subscriber base.
” Today we are revealing a $5.7 billion, or43,574 crore, financial investment in Jio Platforms Ltd, part of Dependence Industries Ltd, making Facebook its biggest minority shareholder,” the company said in a statement. Reliance Jio Infocomm Ltd, with 388 million customers, is a wholly-owned subsidiary of Jio Platforms.
