Facebook purchased 9.99 percent stake in Jio Platforms for Rs 43,574 crore
New Delhi: The Competition Commission of India (CCI) on Wednesday approved the acquisition of a 9.99 per cent stake in Jio Platforms by Jaadhu Holdings LLC, an indirect wholly-owned subsidiary of Facebook.
Facebook purchased stake in Jio Platforms for Rs 43,574 crore, a deal that will strengthen the social media company’s presence in its largest market and help Reliance Industries Ltd (RIL) pare debt.
Jaadhu is a newly incorporated company formed in March under the laws of the State of Delaware, United States.
Jio Platforms is a subsidiary of RIL. Jio Platforms owns (directly or indirectly) and operates digital applications, and holds controlling investments in certain technology-related entities.
Jio Platforms also holds 100 per cent of the issued and outstanding share capital of Reliance JioInfocomm Limited (RJIL).
RJIL provides telecommunications services to users across the country.