The Competition Commission of India (CCI) said on Wednesday that it has approved the proposed deal to buy internet giant Google, 7.73 per cent stake in the country’s leading digital company Jio Platforms. This deal was announced in July this year. This will allow Google and Jio Platforms Limited (JPL) to develop and launch new smartphones in the country.
Investment of Rs 33,737 crore in Jio Platforms
It said that Google has entered into an agreement to buy a 7.7 percent stake in Reliance Industries’ technology venture Jio Platforms by investing Rs 33,737 crore. CCI tweeted that the Commission has approved the acquisition of 7.73 per cent stake in Google by Jio Platforms. For deals beyond a limit, approval from CCI is required.
According to the notice filed with the regulator, the proposed transaction will help Google and JPL to develop and launch a new smartphone in India. According to the notice, Google and JPL will continue to do their business independently outside this agreement.
Will make android based smartphones
Let us know that Jio and Google together will make Android based smartphones. Also, both companies will make operating systems for smartphones. In July, at the company’s AGM, Mukesh Ambani had said that partnership with Google would make the path to make India 2G free.
Apart from Google, Jio platforms also invested in Facebook, Silver Lake Partners, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG, El Caterton, PIF, Intel Capital and Qualcomm. Facebook started investing in the Jio platform. Facebook had bought 9.99 percent stake by investing around Rs 44 thousand crore.