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 antitrust body said in a tweet on Wednesday.
On April 22, Facebook said it will invest US $5.7 billion 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.
The announcement comes a week after the watchdog said it was accessing the deal for potential misuse of users’ data and pondering if it should consider amending the current rules for some mergers and acquisitions in the country.
At the time, Facebook had argued that its investment in the Indian firm is “pro-competitive, benefits consumers, kirana stores (neighborhood stores) and other small and micro local Indian businesses, and take forward the vision of digital India.”
Featured News
UK Probes Lindab’s Acquisition of HAS-Vent Amid Fears of Market Monopoly
Apr 28, 2024 by
CPI
Shein Faces EU Regulations Over User Data
Apr 28, 2024 by
CPI
Google Fights Back Against US Antitrust Lawsuit
Apr 28, 2024 by
CPI
US Homeland Security Establishes Blue-Ribbon Board with Tech CEOs to Advise on AI
Apr 28, 2024 by
CPI
FTC Accuses Amazon Executives of Using Disappearing Messaging Apps to Conceal Evidence
Apr 28, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI