Facebook invests $5.7 billion in Reliance unit, plans digital services for Indian grocers

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BENGALURU (Reuters) – Facebook (FB.O) will spend $5.7 billion to take just under 10% of Reliance Industries’ (RELI.NS) digital unit, seeking to roll out services for India’s grocers and other small businesses by capitalising upon WhatsApp’s extensive reach within the country.

FILE PHOTO: A 3D printed Facebook logo is placed between small toy people figures in front of a keyboard in this illustration taken April 12, 2020. REUTERS/Dado Ruvic/Illustration

The Jio Platforms deal, Facebook’s biggest acquisition since it bought WhatsApp for $22 billion in 2014, will help Reliance slash…



Source reuters.com

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