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Facebook Invests $5.7 Billion in JioSaavn Parent Company

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Facebook has paid $5.7 billion for a 9.9 percent stake in India's Reliance Jio, the social media giant announced Tuesday.The mobile telecommunications arm of the conglomerate Reliance Industries, Reliance Jio was established in 2016 and has quickly established itself as a dominant player in India with over 370 million subscribers making it the largest mobile telco in the country and third largest in the world by subscribers.As well as rapidly spreading social media use in India, Reliance Jio's cheap payment plans have also led to an explosion of video and music streaming in the country through its products JioSaavn and JioTV.Facebook's investment in Reliance Jio also comes as its messaging platform Whatsapp has won regulatory approval in.

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