Fair trade regulator clears Facebooks bid to acquire 9.99% stake in Jio
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Photo: PTI (File)

Fair trade regulator clears Facebook's bid to acquire 9.99% stake in Jio

Fair trade regulator Competition Commission of India (CCI) on Wednesday (June 24) approved Mark Zuckerberg-led Facebook's bid to acquire a 9.99 per cent stake in Mukesh Ambani's Reliance Industry Limited's (RIL) telecom arm Jio Platforms.


Fair trade regulator Competition Commission of India (CCI) on Wednesday (June 24) approved Mark Zuckerberg-led Facebook’s bid to acquire a 9.99 per cent stake in Mukesh Ambani’s Reliance Industry Limited’s (RIL) telecom arm Jio Platforms.

According to the documents, Facebook will acquire the stakes via Jaadhu Holdings LLC, a new entity. CCI informed about the approval of the stake through Twitter.

After this approval, Facebook’s entity Jaadhu Holdings has now become the largest minority shareholder in the company.


On April 22, Jio had announced an investment of ₹43,754 crore from Facebook, thereby kicking off a series of investments into the company. Since then, Reliance Industries, has sold 24.70 per cent stake in Jio Platforms for ₹1,15,693.95 crore through 11 such deals.

RELATED NEWS: Reliance sells 1.8% in Jio platforms for ₹9,093.60 cr to Abu Dhabi firm

Along with the stake sale, Jio Platforms, Reliance Retail and Facebook’s app-based messaging service WhatsApp have also entered into a commercial partnership agreement. This deal is to accelerate Reliance Retail’s new commerce business on the JioMart platform using WhatsApp to support small businesses.

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