Dehli (News Desk): Facebook has acquired a $5.7bn stake in Reliance Jio Telecom, which is a subsidy of Mukesh Ambani’s Reliance Group. The world’s largest social media company Facebook announced on Tuesday.
FB announced the purchase of almost 10 per cent shares of Jio which has users base of 388m. The move gives Jio a pre-money enterprise valuation of almost $66bn, Reliance said in a statement.
In a blog post, Facebook said the two companies would focus on a partnership between JioMart and WhatsApp. WhatsApp is ready to launch a payments service in the region. Facebook said Jio and FB Messaging service will also be the focus of the investment.