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
(Reuters) – Facebook Inc (FB.O) announced a $5.7 billion investment in Reliance Industries Ltd’s (RELI.NS) telecom unit on Wednesday, making it the largest minority shareholder in Jio Platforms Limited.
The social media giant said 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 small businesses.
Facebook’s investment will translate to a 9.99% equity stake in Jio Platforms on a fully diluted basis, Jio said bit.ly/34Wzy1a in a statement.
The deal comes at a time when Facebook-owned WhatsApp has secured approval to roll out its digital payment service in India, according to media reports bit.ly/2UzxlGa, to compete with the likes of Google Pay and Paytm.
WhatsApp has 400 million users in India, its…
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