Competition Commission of India (CCI) has approved the acquisition of a 9.99 percent stake in Jio Platforms by Facebook’s Jaadhu Holding LLC. The deal was signed between Facebook and Jio in April but has now been approved.
The deal between Facebook and Jio took place for Rs 43,574 crore, although Jio did not provide any information about Jadhu Holding LLC while announcing the investment in April.
Jadhu Holding LLC is a Facebook-owned company. This company has not invested in any company in any country before India. CCI has announced this approval through its official Twitter handle. The deal came under Antitrust Review last week.
Explain that in just two months, Rs 1,15,693.95 crore has been invested in Jio platforms. The investments have been made by companies such as Facebook, Silver Lake Partners, Vista Equity Partners, General Atlantic, KKR, Mubadala, Abu Dhabi Investment Authority, TPG, and El Cotton.
Jio has sold a total of 24.70 percent stake to these global companies. It is worth noting that last week, Saudi Arabia Public Investment Fund (PIF) has announced an investment of Rs 11,367 crore in Jio Platforms for 2.32 percent stake, which is Saudi’s biggest investment in Indian economy till date.
This investment is in line with the PIF strategy and investment in companies investing under their Vision 2030.