In a statement on Wednesday, the Competition Commission of India said it had approved Facebook’s proposed multi-billion-dollar investment in Jio Platforms for a 9.99% stake in the top Indian telecom network.
Jaadhu Holdings LLC, a wholly-owned subsidiary of Facebook, is acquiring the stake in Jio Platforms. Facebook created this subsidiary earlier this year.
The announcement comes a week after the watchdog said it was accessing the deal for potential misuse of users’ data and pondering if it should consider amending the current rules for some mergers and acquisitions in the country.
More to follow…
Source: Tech Crunch Social
India approves Facebook’s .7 billion deal with Reliance Jio Platforms