Facebook invests $5.7 billion in India's Reliance Jio

(Reuters) - Facebook Inc announced a $5.7 billion investment in Reliance Industries Ltd's telecom unit on Wednesday, making it the largest minority shareholder in Jio Platforms Limited. The social media giant said https://bit.ly/2RX7iGN it would focus on collaborating its messaging platform WhatsApp with Reliance's e-commerce venture JioMart to enable people to connect with businesses, shops and purchase products. Last month, Financial Times reported that social media giant was in talks for a 10% stake in Jio but the talks were halted due to global travel bans amid the coronavirus outbreak.

Reuters April 22, 2020 07:05:20 IST
Facebook invests $5.7 billion in India's Reliance Jio

Facebook invests 57 billion in Indias Reliance Jio

(Reuters) - Facebook Inc announced a $5.7 billion investment in Reliance Industries Ltd's telecom unit on Wednesday, making it the largest minority shareholder in Jio Platforms Limited.

The social media giant said https://bit.ly/2RX7iGN it would focus on collaborating its messaging platform WhatsApp with Reliance's e-commerce venture JioMart to enable people to connect with businesses, shops and purchase products.

Last month, Financial Times reported that social media giant was in talks for a 10% stake in Jio but the talks were halted due to global travel bans amid the coronavirus outbreak.

(Reporting by Bhargav Acharya in Bengaluru; Editing by Ramakrishnan M.)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date:

TAGS:

also read

Pulitzer Prize-winning photojournalist Danish Siddiqui killed in Afghanistan: Politicans, journalists pay tributes
India

Pulitzer Prize-winning photojournalist Danish Siddiqui killed in Afghanistan: Politicans, journalists pay tributes

The Pulitzer prize winner, who was in Kandahar covering operations against Taliban, was killed when he was riding along with the Afghan Special Forces

Indian photojournalist Danish Siddiqui killed during assignment in Afghanistan's Kandahar province
India

Indian photojournalist Danish Siddiqui killed during assignment in Afghanistan's Kandahar province

Siddiqui had also covered the 2020 Delhi riots, COVID-19 pandemic, Nepal earthquake in 2015 and the protests in Hong Kong

Danish Siddiqui's passing is a reminder of the high price one pays for showing the truth
India

Danish Siddiqui's passing is a reminder of the high price one pays for showing the truth

Danish's photographs were not just documentation, but the work of someone who went down to eye-level, as they say in photographic parlance.