The deal will give the US social media giant a 10% stake in Jio Platforms, part of the Reliance Industries empire, which is owned by India's richest man, Mukesh Ambani.
FACEBOOK. Facebook has taken a $5.7 billion stake in the Jio digital platforms business of India's richest man Mukesh Ambani, the two sides said on April 22, 2020, marking one of the biggest foreign investments in the country. Photo by Arun Sankar/AFP
Announcing the deal, Facebook said it wanted to link up the"power of WhatsApp", its messaging subsidiary, with Jio, which is taking a fast-growing share of the online sector to increase digital business."India is in the midst of one of the most dynamic social and economic transformations the world has ever seen, driven by the rapid adoption of digital technologies," said a Facebook statement.
"Jio digital new commerce platform and WhatsApp will empower nearly 30 million small Indian Kirana shops to digitally transact with every customer in their neighborhood," Ambani said in a video statement released on Wednesday. The tycoon lost his crown as Asia's richest man last month after the virus-fuelled rout across global markets wiped billions off his fortune, according to Bloomberg Billionaires Index.
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