LONDON (ShareCast) - (Sharecast News) - Facebook has taken a stake worth $5.7bn in the digital branch of Indian company Jio Platforms as it tries to move into the Indian market.
Jio Platforms, which is owned by Reliance Industries, and run by billionaire Mukesh Ambani, has a number of brands under it including its telecommunications business Reliance Jio.

"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 $65.95bn.

Facebook said it will work with Jio to create "new ways for people and businesses to operate more effectively in the growing digital economy."

The deal, announced Wednesday, and Reliance's CEO said he was "humbled by the opportunity to welcome Facebook as our long-term partner in continuing to grow and transform the digital ecosystem of India."

"In the near future JioMart ... and WhatsApp will empower nearly 30 million small Indian kirana shops to digitally transact with every customer in their neighborhood," Ambani said in a video statement.

Facebook's chief revenue officer David Fischer and vice president and managing director for India Ajit Mohan wrote in a blog post that the investment "underscores our commitment to India, and our excitement for the dramatic transformation that Jio has spurred in the country."

And by bringing together JioMart, the company's small business initiative, and WhatsApp, "we can enable people to connect with businesses, shop and ultimately purchase products in a seamless mobile experience," Fischer and Mohan wrote.

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