Reliance Jio’s proposed deal with Facebook has received regulatory approval from India’s antitrust regulator. In a tweet earlier today, the Competition Commission of India (CCI) said it “approves acquisition of 9.99% stake in Jio Platforms by Jaadhu Holdings LLC”. Back in April, Facebook had agreed to buy a 9.99% stake in Jio Platforms for Rs. 43,574 crores (~$5.7 billion).
@CCI_India approves acquisition of 9.99% stake in Jio Platforms by Jaadhu Holdings LLC.
It is worth noting that there has been some consternation about Facebook’s investment in Jio among activists in India. Recent reports suggested that the US tech giant was unsure about whether the deal will eventually get regulatory approval. In fact, the company is said to have been in talks with all the Big Four consultancy firms – PwC, E&Y, KPMG and Deloitte – to advise it on the matter.
