India is US social media giant's biggest single market with some 400 million users. FMTNews Facebook
MUMBAI: Facebook has taken a US$5.7 billion stake in the Jio digital platforms business of India’s richest man Mukesh Ambani, the two sides said Wednesday, marking one of the biggest foreign investments in the country.
In four years, Ambani has turned his Jio telecoms unit into the country’s biggest mobile operator with 388 million subscribers, knocking aside competitors with aggressive low pricing.Reliance said it wanted to boost income for farmers, micro-traders and other small businesses that are the cornerstone of the economy in the country of 1.3 billion people.
He added that the “synergy between Jio and Facebook will help” create new employment opportunities for small businesses in India and aid with two key national goals identified by Prime Minister Narendra Modi for India.
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