Facebook is paying $5.7 billion to buy a 10% stake in the digital services division of Reliance Industries. WhatsApp will be able to power the retail ambitions of India’s richest man, Mukesh Ambani, and even help build a lucrative super-app, says ugalani:
Reliance Industries said on April 22 that Facebook would buy a 9.99% stake in its wholly-owned Jio Platforms subsidiary for 435.7 billion rupees . The unit of the Indian company includes Reliance Jio, a high-speed broadband network with over 388 million subscribers, and all of the brand’s related digital apps.
Facebook shares were up almost 3% at $170.80 in after-hours trading in New York, after closing down 4.2% on the day.
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