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Facebook Buys $5.7 Billion Stake in India’s Reliance Jio – Variety

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U.S. social media large Fb has unveiled an enormous funding in Reliance Jio, an organization which has been a recreation changer in India’s telecoms, media and leisure sectors. The deal offers Fb a 9.99% stake in Reliance Jio at a price of $5.7 billion.

“Immediately we’re saying a $5.7 billion, or INR 43,574 crore, funding in Jio Platforms Restricted, a part of Reliance Industries Restricted, making Fb its largest minority shareholder,” mentioned Fb on its company web site. “India is within the midst of one of the vital dynamic social and financial transformations the world has ever seen, pushed by the speedy adoption of digital applied sciences. In simply the previous 5 years, greater than 560 million folks in India have gained entry to the Web.”

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