Published 19:02 IST, June 24th 2020
CCI approves Facebook's acquisition of 9.99% stake in Jio Platforms
On Wednesday, the Competition Commission of India (CCI) approved Facebook's new entity Jaadhu Holdings LLC's acquisition of a 9.99% stake in Jio Platforms.
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On Wednesday, Competition Commission of India approved Facebook's new entity Jahu Holdings LLC's acquisition of a 9.99% stake in Jio Platforms. This implies that Facebook's investment of Rs.43,574 crore in Mukesh Ambani-led Jio Platforms has received official approval from country's antitrust watchdog. Both Facebook and Reliance Industries Limited (RIL) submitted before CCI that proposed transaction does t alter competitive landscape and that former and Jio Platforms would continue to operate independently. Jio Platforms raised a total of Rs.1.15 lakh crore from a number of private equity firms and sovereign wealth funds.
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'Largest investment for a mirity stake by a techlogy company'
Facebook h anunced investment in Jio Platforms worth Rs.43,574 crore on April 22, changing dynamics in telecom sector. RIL remarked that investment is "largest investment for a mirity stake by a techlogy company anywhere in world and largest FDI in techlogy sector in India" and that it will accelerate "India’s all-round development, fulfilling needs of Indian people and Indian ecomy." RIL chairman Mukesh Ambani welcomed Facebook as a long-term partner in transforming digital ecosystem of India. He ded that synergy between Jio and Facebook would help achieve PM Modi's 'Digital India' Mission.
Mukesh Ambani, Chairman of RIL said, "All of us at Reliance are refore humbled by opportunity to welcome Facebook as our long-term partner in continuing to grow and transform digital ecosystem of India for benefit of all Indians. synergy between Jio and Facebook will help realise Prime Minister Shri Narendra Modi’s ‘Digital India’ Mission with its two ambitious goals- ‘Ease of Living’ and ‘Ease of Doing Business’ – for every single category of Indian people without exception. In post-Corona era, I am confident of India’s ecomic recovery and resurgence in shortest period of time. partnership will surely make an important contribution to this transformation.”
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19:02 IST, June 24th 2020