June 25, 2020, Kathmandu
The Competition Commission has given the Facebook Jio agreement the green light. New Delhi, June 24 (PTI) The Competition Commission announced on Wednesday that it approved the proposed acquisition of a 9.99% stake in Facebook on the Jio platform, the digital arm of Reliance Industries.
The $ 5.7 billion (43,574 crore rupee) deal – India’s most significant technical FDI – was announced in April. American social networks
Primarily established a separate Jaadhu Holdings LLC to implement the investment.
According to a tweet, the Competition Commission of India (CCI) has approved “the acquisition of 9.99% of the capital of Jad Platforms by Jaadhu Holdings LLC”.
WhatsApp has over 400 million end-users in India, while Jio has over 388 million phone subscribers. Facebook has approximately 250 million users in India.
The Jio platform owns and manages digital applications and manages investments in various technology entities. The Jio platform also owns 100 percent of the issued and remaining share capital of Reliance Jio Infocomm Ltd.
The deal will partner with JioMart, e-commerce company Ambani, the wealthiest people in Asia, and Facebook’s WhatsApp platform to connect consumers along with local Kirana stores.
Jaadhu is a Facebook-owned indirect company founded in March under the laws of the state of Delaware in the United States. The Facebook group offers various products as well as services that help people connect with friends and family, find communities and grow businesses, the ICC said in a statement.
Transactions above a certain threshold require the approval of the ICC, which aims to prevent unfair trading practices and promote fair market competition.