BENGALURU (Reuters) - Facebook will spend US$5.7 billion to take just under 10% of Reliance Industries' digital unit, seeking to roll out services for India's grocers and other small businesses by capitalising upon WhatsApp's already extensive reach within the country.
The stake in Jio Platforms, Facebook's biggest acquisition since it bought WhatsApp for US$22 billion in 2014, will help Reliance slash away at a heavy debt load incurred as it expanded aggressively into telecoms and retail.
Shares in the country's biggest conglomerate soared 12% on the news.