A visitor passes a mural depicting various social media sites logos, including Facebook, inside a building in Bangalore. Facebook has taken a US$5.7bil 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. The deal will give the US social media giant a 10% stake in Jio Platforms, part of Ambani's Reliance Industries empire. — AFP
Facebook Inc will invest US$5.7bil (RM24.89bil) in the digital assets controlled by Asia’s richest man, the US social-networking giant’s biggest deal since the 2014 purchase of WhatsApp as it seeks a broader foothold in its biggest global market.
The US company will buy about 10% of Jio Platforms, becoming the largest minority shareholder, Reliance Industries Ltd said in a statement on April 22. Separately, Facebook said the deal would bring together JioMart, an e-commerce venture of Mukesh Ambani and its WhatsApp platform to enable people to connect with businesses.
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