Business Companies 25 Jun 2020 Facebook-Jio deal ge ...

Facebook-Jio deal gets CCI nod

ANI
Published Jun 25, 2020, 11:25 am IST
Updated Jun 25, 2020, 11:25 am IST
Facebook purchased 9.99 percent stake in Jio Platforms for Rs 43,574 crore
Competition Commission of India (CCI) on Wednesday approved Facebook's acquisition of a 9.99 per cent stake in Jio Platforms. (PTI Photo)
 Competition Commission of India (CCI) on Wednesday approved Facebook's acquisition of a 9.99 per cent stake in Jio Platforms. (PTI Photo)

New Delhi: The Competition Commission of India (CCI) on Wednesday approved the acquisition of a 9.99 per cent stake in Jio Platforms by Jaadhu Holdings LLC, an indirect wholly-owned subsidiary of Facebook.

Facebook purchased stake in Jio Platforms for Rs 43,574 crore, a deal that will strengthen the social media company’s presence in its largest market and help Reliance Industries Ltd (RIL) pare debt.

 

Jaadhu is a newly incorporated company formed in March under the laws of the State of Delaware, United States.

Jio Platforms is a subsidiary of RIL. Jio Platforms owns (directly or indirectly) and operates digital applications, and holds controlling investments in certain technology-related entities.

Jio Platforms also holds 100 per cent of the issued and outstanding share capital of Reliance JioInfocomm Limited (RJIL).

RJIL provides telecommunications services to users across the country.

...
Location: India, Delhi, New Delhi




ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT