The competition regulator on Wednesday approved Facebook's Rs 43,547 crore ($5.7 billion) investment in Reliance Industries Limited's wholly-owned subsidiary Jio Platforms.
"@CCI_India approves acquisition of 9.99% stake in Jio Platforms by Jaadhu Holdings LLC," said the Competition Commission of India in a tweet on Wednesday.
Jaadhu Holdings, LLC is an indirect wholly owned subsidiary of Facebook, Inc. through which it acquired the 9.9 per cent stake in Reliance's Jio. The deal was announced in April.
Jio Platforms and WhatsApp also entered a commercial partnership to leverage Reliance's JioMart platform using WhatsApp and to support small businesses on WhatsApp.
Business Standard reported Wednesday that Facebook (FB) has sought legal advice pertaining to India’s new foreign direct investment (FDI) policy towards neighbouring countries, particularly China and Hong Kong.
While the social media giant is founded and headquartered in the US, being a public-listed company it has investment from several funds based out of China and Hong Kong.