Facebook announced plans to invest nearly $6 billion in Jio Platforms, the digital technology subsidiary of Indian company Reliance Industries.
Facebook will buy a 9.99% stake in Jio Platforms for approximately $5.7 billion, becoming Jio’s largest minority shareholder.
Reliance Jio began its commercial operation in the second half of 2016, and emerged as a game changer in the Indian telecom market by offering bulk of 4G data and voice calls for six months to users at no charge.
“We’re making a financial investment, and more than that, we’re committing to work together on some major projects that will open up commerce opportunities for people across India,” said Mark Zuckerberg, co-founder and chief executive of Facebook.