The Competition Commission of India (CCI) has approved acquisition of 9.99 per cent stake in Jio Platforms by Jaadhu Holdings LLC, an indirect wholly-owned subsidiary of Facebook.
Jaadhu Holdings is a newly incorporated company formed in March 2020 under the laws of the State of Delaware, United States. Facebook is a publicly-traded company listed on NASDAQ, with headquarters in California, United States of America.
CCI added a detailed order will be out soon.
Facebook acquired a 9.99 per cent stake by investing Rs 43,574 crore. After Facebook, other investors that have invested in Jio are Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG and L Catterton, since April 2020. It is estimated that the company has raised a total of Rs 1, 15, 693.95 crore from leading global investors.
It is estimated that the cash that will flow from the deal with Facebook will help Reliance Industries Limited bring down overall net debt.