Deals
Facebook’s $5.7 Billion Jio Stake Wins Regulatory Approval
- Competition Commission endorsement was seen as ‘major hurdle’
- Slew of investments have poured into Reliance’s Jio Platforms
Photographer: Dhiraj Singh/Bloomberg
This article is for subscribers only.
India’s antitrust regulator approved Facebook Inc.’s purchase of a 9.99% stake in the digital services business controlled by billionaire Mukesh Ambani, giving the social media giant another foothold in one of the world’s fastest-growing online markets.
The U.S.-based company will invest $5.7 billion in Jio Platforms Ltd. through Jaadhu Holdings LLC, an indirect, wholly owned subsidiary of Facebook, according to a filing on the Competition Commission of India website.