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The Competition Commission of India (CCI), the country’s antitrust watchdog, has approved Facebook’s proposed acquisition of a 9.9 per cent stake in Jio Platforms for $5.7 billion (₹43,574 crore).
The CCI said on Twitter it has approved the stake acquisition in Jio Platforms by Jaadhu Holdings LLC.
Facebook, under a deal announced last month, will pick up the stake via a new entity, Jaadhu Holdings LLC, per regulatory documents.
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₹43,574-crore ‘like’: Facebook picks 9.99 per cent in Jio Platforms
Largest investment for a minority stake by a technology firmJaadhu is a newly-incorporated company formed in March 2020 under the laws of the State of Delaware, US. It is not engaged in any business in India or anywhere in the world, the company had said in an earlier submission to the CCI.
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