The Competition Commission of India (CCI) on Wednesday said that it has approved acquisition of 7.73 per cent equity share capital of Jio Platforms by internet tech giant Google.
“Commission approves acquisition of 7.73 per cent equity share capital of Jio Platforms by Google”, CCI tweeted.
Google will pick up this stake for a consideration of ₹33,737 crore. The CCI nod for the stake buy will pave the way for Google and Jio Platforms to jointly develop entry level smartphones, corporate observers said.
On July 15 this year, Google said that it will be making the investment in Jio Platforms, a digital arm of Reliance Industries, through its wholly owned subsidiary Google International LLC.
The CCI nod comes within days of the competition watchdog ordering a probe into the two of the several allegations made in a complaint in February on the unfair business practices of its payment wallet Google Pay.