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- cci clears facebooks 9 99 stake acquisition in jio platforms
CCI Clears Facebook's 9.99% Stake Acquisition In Jio Platforms
On April 22, Jio announced an investment of Rs 43,754 crore from the social media giant
- BUSINESS
- Posted by Diksha Yadav
- June 24, 2020 18:52 IST

CCI Clears Facebook's 9.99% Stake Acquisition In Jio Platforms
New Delhi: The Fair trade regulator Competition Commission Of India(CCI) on Wednesday approved Facebook's bid to acquire a 9.99 percent stake in the Reliance Industry Limited's(RIL) telecom arm Jip Platform.
Facebook will acquire the stakes via Jaadhu Holding LLC, a new entity as per the documents.CCI informed about the approval via a tweet.
Facebook's entity Jaddhu Holdings has now become the largest minority shareholder in the company as a result of the approval.
Jio announced an investment of Rs 43,754 crore on April 22 form the social media giant, thus kicking off a series of investments into the company.
Also Read: Amazon Announces $2 Billion Fund To Invest In Climate Change Mitigation
The Reliance Industries since then has sold a 24.70 percent stake in the Jio Platforms for Rs 1,15,693.95 crore via 11 such deals.
Also along with the stake sale, Jio Platforms, Reliance Retails, and Facebook's app-based messaging service WhatsApp have also entered into a commercial partnership agreement to accelerate Reliance Retail's new commerce business on the JioMart platform using WhatsApp to support small business.
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