Facebook signs licensing deal with Indian music label Saregama

A man enters Facebook's new office in Mumbai, India May 27, 2016. REUTERS/Shailesh Andrade/Files

Facebook Inc has signed a global licensing deal with one of India’s largest music labels, allowing users to choose from a large catalogue of Bollywood music for their Facebook and Instagram posts, the music company said on Wednesday.

Shares of Saregama India Ltd shot up 20% on the deal.

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