CCI finally approves Facebook's 9.99% stake buy in Jio Platforms
The Competition Commission of India (CCI) has approved Facebook’s deal to buy a 9.99% stake in Jio Platforms, the digital and telecom unit of Reliance Industries. The CCI “approves acquisition of 9.99% stake in Jio Platforms by Jaadhu Holdings LLC,” the anti-trust body said in a tweet on Wednesday. On April 22, Facebook said it will invest Rs 43,574 crore in Jio Platforms for a 9.99% stake in an all-cash deal that will help the oil-to-retail conglomerate reduce debt and strengthen the social media company’s presence in its largest market, especially for its WhatsApp unit. ALSO READ: Canara Bank posts Q4 loss at Rs 3,259 crore, pre-provision operating profit drops 31% https://twitter.com/CCI_India/status/1275755192332333058?s=20 Read the full article