https://techcrunch.com/2020/04/21/facebook-reliance-jio/

Facebook has enjoyed unparalleled reach in India for more than a decade. But as China’s fast-growing ByteDance emerges as a formidable competitor in what has become the world’s second largest internet market, the American giant has found the horse it wants to bet on in the new decade.

Facebook announced today it has invested $5.7 billion for a 9.99% stake in India’s Reliance Jio telecom operator with more than 370 million subscribers. The deal valued Jio at a pre-money valuation of $65.95 billion.