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Facebook has invested $ 5.7 billion in mobile internet company Reliance Jio, owned by the richest man in India, Mukesh Ambani, reports the BBC. The deal makes the social network the largest minority shareholder in Reliance Industries’ telecommunications division with a 9.99% stake.
The deal increases Facebook’s presence in India, where WhatsApp has 400 million users and is ready to launch a paid service. The company also plans a collaboration between WhatsApp and the e-commerce company Ambani, JioMart. This will allow Indians to connect with businesses and stores in the app, as well as purchase products.
Reliance Jio is one of Reliance Industries’ most valuable divisions: a conglomerate with interests in oil and telecommunications. The company has managed to establish itself in the Indian market in a short time thanks to mobile plans with a low cost of Internet access. The deal comes at a special time for Ambani, who has been trying to cut his debt lately. The goal is to reach zero debt by March 2021. By the end of fiscal 2019, its obligations are $ 19 billion. Jio has around 370 million users.
India is considered a key market for both Facebook and WhatsApp. The number of Internet users in the world’s largest democracy will grow to around 850 million by 2022, according to PwC.Jio is already working with Microsoft on proposals for cloud services for companies.
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