In what is being touted as the largest strategic investment for a minority stake by a technology company anywhere in the world, social media giant Facebook has agreed to invest $5.7 billion or Rs 43,574 crore for a 9.99% stake in Mumbai-based Jio Platforms, a unit of Reliance Industries (RIL). Between Jio's last reported subscriber base of 388 million and the 700 millionplus Indian users on the three FB platforms – Facebook, WhatsApp and Instagram – their combined reach will be well over a billion, albeit with considerable overlap.
In what is being touted as the largest strategic investment for a minority stake by a technology company anywhere in the world, social media giant Facebook has agreed to invest $5.7 billion or Rs 43,574 crore for a 9.99% stake in Mumbai-based Jio Platforms, a unit of Reliance Industries (RIL). Between Jio's last reported subscriber base of 388 million and the 700 millionplus Indian users on the three FB platforms – Facebook, WhatsApp and Instagram – their combined reach will be well over a billion, albeit with considerable overlap.
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