CCI approves Facebook's proposed acquisition of 9.99% stake in Reliance Industries' arm
25th Jun 2020

The Competition Commission of India (CCI) has cleared Facebook's proposed acquisition of 9.99 percent stake in Jio Platforms, the digital arm of Reliance Industries. The $5.7 billion (Rs 43,574 crore) deal -- the single largest FDI in the technology sector in India -- was announced in April. The US social-networking major had set up a separate entity-Jaadhu Holdings LLC-for making the investment. The deal would bring together JioMart, the e-commerce venture of Asia's richest man Mukesh Ambani, and Facebook's WhatsApp platform to connect consumers with neighbourhood kirana stores.

Reliance Industries is India’s largest private sector company. The company’s activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and 4G digital services.