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Facebook invests $5.7B in India’s Reliance Jio

Facebook has enjoyed unparalleled reach in India for more than a decade. But as China’s fast-growing ByteDance emerges as a formidable competitor in what has become the world’s second largest internet market, the American social media giant has found the horse it wants to bet on in the new decade.
Facebook announced today it has invested $5.7 billion for a 9.99% stake in India’s Reliance Jio telecom operator with more than 370 million subscribers. The deal valued Jio at a pre-money valuation of $65.95 billion.
As per terms of the agreement, the American firm will become the largest minority shareholder in Jio, a three-and-a-half-year-old subsidiary of India’s most valued firm, Reliance Industries.
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