Facebook to acquire a 9.9% stake in Jio Platforms for $5.7bn.

Facebook agreed to acquire a 9.9% stake in Jio Platforms, the tech subsidiary of multinational conglomerate Reliance Industries for $5.7bn. The transaction is subject to regulatory and other customary approvals. "This investment underscores our commitment to India and our excitement for the dramatic transformation that Jio has spurred in the country. In less than four years, Jio has brought more than 388m people online, fueling the creation of innovative new enterprises and connecting people in new ways. We are committed to connecting more people in India together with Jio," David Fischer, Facebook Chief Revenue Officer and Ajit Mohan, Facebook India VP and Managing Director.