The competition watchdog reported on its Twitter handle on Wednesday, “CCI has affirmed investment of 9.99% stake in Jio Platforms by Jaadhu Holdings LLC.” The Competition Commission of India (CCI) has approved Reliance Industries Limited’s $5.7 billion business transaction with Facebook. RIL is also attempting to finalize its $15 billion negotiations with the world’s biggest oil firm Saudi Aramco.
The administrative endorsement came around two months after the two companies marked a business deal that was called to be the biggest global venture for a minority stake by a tech company. It was likewise the biggest foreign direct investment (FDI) in the technological sector in India.
Jio Platforms, RIL, and Facebook Inc. consented to a deal for a venture of ₹43,574 crores by Facebook into Jio Platforms. Mukesh Ambani, the RIL chairman stated in his letter to investors, that this agreement is aimed at stimulating India’s overall growth, satisfying the requirements of Indian people, and boosting its economy.
The joint venture will be to digitally empower and enable India’s 60 million MSMEs, 120 million people in agriculture, 30 million small vendors, and a great many SMEs in the informal sector, also empowering people using digital services.
Jio Platforms houses RIL’s telecom industry under Reliance Jio Infocomm, the biggest in the nation with almost 400 million subscribers, besides other investments.
There have been reports about Amazon and Google reviewing deals with Vodafone, Bharti Airtel, and Idea, but there is no affirmation of any such advancement.
Facebook is the first of 10 global companies that are purchasing a total cost of 24.70% stake in Jio Platforms for Rs 1.16 lakh crore. These ventures, alongside Rs 53,124 crore from a rights issue, are helping Mukesh Ambani accomplish his goal of making RIL net debt-free.
Ambani added, the combined money raised has no precedence comprehensively in such a brief timeframe. Both of these are additionally remarkable in Indian corporate history and have set brand-new standards. This investment was very remarkable as it was accomplished amid coronavirus worldwide lockdown.
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