Facebook bets on India with $5.7 billion Reliance deal


NEW DELHI/BENGALURU (Reuters) – Facebook (FB.O) is set to spend $5.7 billion to buy a 9.99% stake in Reliance Industries’ (RELI.NS) digital arm, as it looks to roll out services for India’s grocers and small businesses by capitalizing on WhatsApp’s extensive reach in the country.

The deal announced on Wednesday is Facebook’s biggest since its $22 billion buyout of WhatsApp in 2014 and will give the Cupertino, California-based firm a stake in Jio Platforms – the digital services entity that houses Reliance’s telecoms arm Jio Infocomm, as well as its news, movie and music apps,…

Source reuters.com

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