Facebook will acquire the stake in Jio Platforms via Jaadhu Holdings LLC, a wholly-owned subsidiary it had created this subsidiary earlier this year.
@CCI_India approves acquisition of 9.99% stake in Jio Platforms by Jaadhu Holdings LLC.
— CCI (@CCI_India) June 24, 2020
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.
(This is a developing story. Check back for more updates)
Disclaimer: Reliance Industries Ltd., which also owns Jio, is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.
WEBINAR: Tune in to find out how term insurance can provide risk protection during tough times. Register Now!
