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Last Updated : Jun 24, 2020 05:58 PM IST | Source: Moneycontrol.com

Jio-Facebook deal | CCI approves Facebook's proposed acquisition of 9.9% stake in Jio Platforms

Facebook will acquire the stake in Jio Platforms via Jaadhu Holdings LLC, a wholly-owned subsidiary it had created earlier this year.

 
 
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The Competition Commission of India (CCI) on June 24 approved Facebook's proposed acquisition of a 9.99 percent stake in Reliance Industries' digital arm Jio Platforms. Facebook will acquire the stake through its wholly-owned subsidiary Jaadhu Holdings LLC.









Social media giant Facebook on April 22 announced its plan to purchase a stake in Jio Platforms for $5.7 billion (Rs 43,574 crore). The much-talked-about deal gives it a firm foothold in India's fast-growing digital market while also helping the Indian oil-to-telecom conglomerate significantly cut its debt.

For Facebook, India has in recent years emerged as a critical market. The company has more users in India than any other country. Its WhatsApp chat service, which has attracted 340 million users and is about to launch a key payments service will take on incumbents Paytm, Google Pay, PhonePe and Amazon Pay.

Since its deal with Facebook, Jio Platforms has attracted a series of investments from players like General AtlanticSilver Lake (twice), Vista Equity PartnersKKRMubadala Investment CompanyADIATPGL Catterton and Saudi Arabia's PIF have queued up for investments in Jio.

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With its latest deal with PIF, RIL has shed 24.7 percent stake in Jio Platforms and has raised Rs 115,693.95 crore from some of the world’s top technology investors.

Disclosure: Reliance Industries Ltd., which also owns Jio, is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.

First Published on Jun 24, 2020 05:38 pm
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