The Competition Commission of India (CCI) on Wednesday said it has approved internet major Google's proposed purchase of 7.73 per cent stake in Jio Platforms.
The transaction will facilitate Google and Jio Platforms Ltd (JPL) to develop and launch a new smartphone in the country.
In July, it was announced that Google has agreed to invest Rs 33,737 crore to buy a 7.7 per cent stake in the Reliance Industries' technology venture.
"Commission approves acquisition of 7.73% equity share capital of Jio Platforms by Google," the watchdog said in a tweet.
According to the combination notice filed with the regulator, the proposed transaction enables Google and JPL to develop and launch a new smartphone in India.
"The parties, thus, consider that the only relevant market for assessing the horizontal competitive effects of the transaction is the market for the supply of mobile phones in India. Outside this transaction, Google and JPL will continue to conduct their business activities independently," as per the notice.
Reliance Industries Chairman Mukesh Ambani, in July, said Google has agreed to invest in JPL and to cooperate on technology initiatives, including development of affordable smartphones.