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Thursday, January 28, 2021

CCI: CCI clears Google buying 7.7% stake in Reliance Jio – Latest News

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The Competition Commission of India (CCI) on Wednesday said it has approved internet major Google’s proposed purchase of 7.73 per cent stake in Jio Platforms. In July, it was announced that Google has agreed to invest Rs 33,737 crore to buy a 7.7 per cent stake in the Reliance Industries’ technology venture.

“Commission approves acquisition of 7.73% equity share capital of Jio Platforms by Google,” the watchdog said in a tweet.

Deals beyond a certain threshold require approval from the CCI, which keeps a tab on unfair business practices across sectors.

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