CCI Clears Facebook's 9.99% Stake Acquisition In Jio Platforms

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.

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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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