A deal that enhances the presence of the company on the largest market in social media and assists Reliance Industries pare debt has been approved by the Competition Commission of India (CCI) for the acquisition of a stake of Jio Platforms for Rs 43,574 crore.
The Competition Commission of India (CCI) approves acquisition of a 9.99% stake in Jio Platforms by Jaadhu Holdings LLC, said a government press release. Jaadhu is an indirect wholly-owned subsidiary of Facebook and is a newly incorporated company formed in March 2020 under the laws of the state of Delaware, US.
Jio Platforms holds RIL’s telecom company in Reliance Jio Infocomm, which, among other digital assets and acquisitions, is the largest in the world, with almost 400 million subscribers.
Regulatory approval comes just two months after the two firms had reached an arrangement that was considered to be the biggest transaction for a minority interest in a technology business anywhere in the world. This is also said to be the biggest foreign direct investment (FDI) in the technology industry in India.
The deal does not require additional approvals because the purchase is below the 10% mark, said people with knowledge of the matter.
