mo4ch:> Facebook's $5.7bn bet on India's richest man Mukesh Ambani | Mo4ch News

Facebook's $5.7bn bet on India's richest man Mukesh Ambani22 April 2020 Image copyrightGetty ImagesFacebook has said it is investing $5.7bn (£4.6bn) in cut-price Indian mobile internet company Reliance Jio, which is owned by the country's richest person Mukesh Ambani.The deal makes the social network the largest minority shareholder in the telecoms unit of Reliance Industries, with a 9.99% stake.It gives Facebook a major foothold in India, where its WhatsApp chat service has 400m users and is about to launch a payments service."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 statement.Asia's richest man takes on retail giant AmazonAmazon's Bezos announces $1bn Indian investmentAsia's richest man in $13bn phone ruling boostFacebook also said that it plans to focus on the collaboration between WhatsApp and Reliance's e-commerce venture Jio…