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The Competition Commission of India (CCI) on Wednesday approved Facebook’s Rs 43,574 crore ($5.7 billion) investment in Jio Platforms, the digital arm of Reliance Industries.
“@CCI_India approves acquisition of 9.99 per cent stake in Jio Platforms by Jaadhu Holdings LLC,” the CCI tweeted on Wednesday.
Jaadhu Holdings, which is an indirect wholly-owned subsidiary of Facebook, acquired 9.9 per cent stake in Jio. The deal was announced in April. The deal would bring together JioMart, the e-commerce venture of Mukesh Ambani, and Facebook’s WhatsApp platform to connect consumers with neighbourhood kirana stores. The anti-trust regulator sees if there is a business overlap between
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