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Facebook has taken a huge stake in the digital arm of a massive Indian conglomerate, as the U.S. technology giant makes a bigger push into what it sees as one of its biggest growth markets.
The social network made a $5.7 billion investment in Jio Platforms Limited, owned by Reliance Industries which is run by billionaire Mukesh Ambani.
Jio Platforms has a number of brands under it including its telecommunications business Reliance Jio which has grown rapidly thanks to competitive pricing to become the number one mobile carrier in India by revenue and subscriber base.
“This investment underscores our commitment to India, and our excitement for the dramatic transformation that Jio has spurred in the country,” Facebook said in a blog post on Tuesday.
The investment gives Facebook a 9.99% stake in Jio Platforms and gives it a pre-money enterprise value of $65.95 billion.
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