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CCI approves Facebook's acquisition of 9.99 pc stake in Jio Platforms


Reliance-Facebook-App.jpg
26 Jun 2020
Categories: Latest News Corporate Law News

On Wednesday, the Competition Commission of India (CCI) approved the acquisition of a 9.99 per cent stake in Jio

Platforms by Jaadhu Holdings LLC, an indirect wholly-owned subsidiary of Facebook.

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.

A detailed order of the CCI will follow.

Source Link



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