Competition Commission approves Facebook’s 9.99% stake purchase in Jio

The Competition Commission on Wednesday said it has cleared Facebook’s proposed acquisition of 9.99 per cent 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 Competition Commission of India (CCI) has approved “acquisition of 9.99 per cent stake in Jio Platforms by Jaadhu Holdings LLC”, according to a tweet.

Jio Platforms was created in October last year to house all-digital initiative of Reliance.