Reliance Jio’s $5.7 Billion Deal With Facebook Get Regulatory Approval in India
Jun. 24, 2020Reliance Jio’s proposed deal with Facebook has received regulatory approval from India’s antitrust regulator. In a tweet earlier today, the Competition Commission of India (CCI) said it“approves acquisition of 9.99% stake in Jio Platforms by Jaadhu Holdings LLC”. Back in April, Facebook had agreed tobuy a 9.99% stake in Jio Platformsfor Rs. 43,574 crores (~$5.7 billion).
It is worth noting that there has been some consternation about Facebook’s investment in Jio among activists in India. Recent reports suggested thatthe US tech giant was unsureabout whether the deal will eventually get regulatory approval. In fact, the company is said to have been in talks with all the Big Four consultancy firms – PwC, E&Y, KPMG and Deloitte – to advise it on the matter.
Either way, now that the deal has received a green-signal, Reliance will be heaving a sigh of relief. The company will also hope that itsother proposed investmentswill also get the go-ahead sooner rather than later. The total valuation of all those investments stand at Rs. 1,15,693.95 crore (around $15.2 billion) which, the company says will help eliminate part of its Rs. 1.62 lakh crores (around $21.4 billion) debt by the end of this year.
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