The Competition Commission of India (CCI) has approved Facebook’s investment in Jio Platforms, the digital and telecom unit of Reliance Industries.
CCI has approved the acquisition of 9.99 percent stake in Jio Platforms by Facebook via Jaadhu Holdings. Jaadhu Holdings is an indirect wholly owned subsidiary of Facebook.
On 22 April 2020, Reliance Industries, Jio Platforms and Facebook had announced the signing of binding agreements for an investment of Rs 43,574 crore by Facebook into Jio Platforms.
Concurrent with the investment, Jio Platforms, Reliance Retail and WhatsApp have also entered into a commercial partnership agreement to further accelerate Reliance Retail’s new commerce business on the JioMart platform using WhatsApp and to support small businesses on WhatsApp.
Reliance Retail’s new commerce platform, JioMart, is being built in partnership with millions of small merchants and kirana shops to empower them to better serve the needs of Indian consumers.
The companies will work closely to ensure that consumers are able to access the nearest kiranas who can provide products and services to their homes by transacting seamlessly with JioMart using WhatsApp.