India fines Reliance for not disclosing Facebook's $5.7b investment in Jio

Photo by Kon Karampelas on Unsplash

India’s market regulator on Monday fined Reliance Industries and two of its compliance officers for violating fair disclosure norms during Facebook’s $5.7 billion investment in its digital unit in 2020.

In April 2020, Meta’s Facebook invested $5.7 billion in Reliance‘s Jio Platforms, aiming to allow WhatsApp to offer payments services to millions of small businesses. The deal helped billionaire Mukesh Ambani’s Reliance slash its heavy debt load.

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