MUMBAI : Facebook Inc. bet a massive $5.7 billion on the digital assets of Reliance Industries Ltd, aimed at leveraging the reach of the Indian company’s telecom assets and WhatsApp’s 400 million local users to connect small businesses and consumers in Asia’s third largest economy.
The social media giant will purchase a little less than 10% of Jio Platforms, which houses its telecom and digital businesses, becoming the largest minority shareholder, Reliance Industries Ltd said in a statement on Wednesday.
The investment, which values Jio Platforms at around $66 billion, will help Reliance Industries cut its spiralling debt pile.