CCI approves acquisition of 9.99% stake in Jio Platforms by Facebook's subsidiary, Jaadhu Holdings LLC
The Competition Commission of India (CCI) today approved the acquisition of 9.99 per cent stake in Jio Platforms by Facebook through Jaadhu Holdings LLC.
CCI in a tweet said, "CCI_India approves acquisition of 9.99 per cent stake in Jio Platforms by Jaadhu Holdings LLC."
@CCI_India approves acquisition of 9.99% stake in Jio Platforms by Jaadhu Holdings LLC.
— CCI (@CCI_India) June 24, 2020
Jaadhu is an indirect wholly-owned subsidiary of Facebook. It is a newly incorporated company formed in March 2020 under the laws of the State of Delaware in the United States. On April 22, 2020, Facebook announced an investment of USD 5.7 billion (Rs 43,574 crore) in Jio Platforms.
Jio Platforms is a company organised and existing under the laws of India and is a subsidiary of Reliance India Limited.
The investment form Facebook in the Jio Platforms was the first in a series of 11 deals that Reliance Industries, digital arm Jio has garnered in last nine weeks.
The deal makes Mark Zuckerberg's Facebook the largest minority shareholder in Reliance Industries. The deal would give another strong foothold to the social media giant Facebook in the world's fastest-growing internet markets, India.
Jio Platforms has concluded 11 deals in all securing an investment of Rs 1.15 trillion in just nine weeks.