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 giant has found the horse it wants to bet on.
Facebook announced today it has invested $5.7 billion in India’s Reliance Jio telecom operator with more than 350 million subscribers. As part of the deal, Facebook will now become the largest minority shareholder in Jio, which is a subsidiary of India’s largest industrial house Reliance Industries.
More to follow…
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 giant has found the horse it wants to bet on. Facebook announced today it has invested…
