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CCI approves Facebook’s 9.99% stake buy in Jio Platforms

Author at TechGenyz Facebook
Facebook Internet
A Photograph Of Facebook In A Smartphone. Credit: @Gerd Altmann/Pixabay

The Competition Commission of India (CCI) on Wednesday said it has approved Facebook’s proposed acquisition of a 9.99 percent stake in Jio Platforms.

In April, Facebook announced an investment of USD 5.7 billion (Rs 43,574 crore) in Jio Platforms.

The acquisition was to be done through Jaadhu Holdings LLC.

In a tweet, the CCI said it has approved “acquisition of 9.99 per cent stake in Jio Platforms by Jaadhu Holdings LLC”.

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