Facebook (NASDAQ: FB) made its biggest investment of all time, injecting $ 5.7 billion into Indian telecom Reliance Jio in exchange for a 9.99% stake. This transaction values Jio at a pre-silver valuation of $ 65.95 billion.
It represents the largest minority shareholder in Facebook Jio, as well as the largest investment for a minority technology stake in the world, and the largest foreign direct investment in Indian technology.
A few days ago, the news came after reports that Facebook and Reliance were discussing the potential creation of a “super” versatile app like WeChat that would handle communications as well as purchasing, travel reservations and processing. payments.
Facebook wants to focus on such collaboration, he said, for “new ways for people and businesses to operate more efficiently in the growing digital economy.” And one such example is combining the power of the JioMart small business initiative with WhatsApp, the company says.
Reliance Jio also has a suite of diverse services, including music streaming, smartphones, broadband, live TV on demand and payments.
And in the possible intangible benefits: the president of Reliance Industries, Mukesh Ambani, is a close ally of Indian Prime Minister Narendra Modi, notes TechCrunch.