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

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.

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. 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. (ANI)