CCI clears Google’s 7.73% stake buy in Jio

The competition regulator on Thursday approved Google’s acquisition of a 7.73 per cent stake in Reliance Jio Platforms (JPL), for Rs 33,737. The companies had announced the move in July, noting that they would jointly develop affordable smartphones for the Indian market. Google has completed the investment into Reliance Industries’ digital arm via its subsidiary Google International LLC.

The Competition Commission of India (CCI) noted that the transaction “enables Google and JPL to develop and launch a new smartphone in India,” and that the parties would continue to conduct their business activities independently outside of the market for supply of smartphones in India.