The Competition Commission of India (CCI) has approved
Facebook’s deal to buy a 9.99% stake in Jio Platforms, the digital and
telecom unit of
Reliance Industries.
The CCI “approves acquisition of 9.99% stake in
Jio Platforms by Jaadhu Holdings LLC,” the anti-trust body said in a tweet on Wednesday.
On April 22, Facebook said it will invest Rs 43,574 crore in Jio Platforms for a 9.99% stake in an all-cash deal that will help the oil-to-retail conglomerate reduce debt and strengthen the social media company’s presence in its largest market, especially for its WhatsApp unit.