The deal would bring together JioMart, the e-commerce venture of Asia's and Facebook's WhatsApp platform to connect consumers with neighbourhood kirana stores
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 deal would bring together JioMart, the e-commerce venture of Asia's richest man Mukesh Ambani, and Facebook's WhatsApp platform to connect consumers with neighbourhood kirana stores.
WhatsApp has over 400 million users in India while Jio has more than 388 million phone subscribers. Facebook
has about 250 million users in India. Deals beyond a certain threshold require approval of the CCI, which seeks to prevent unfair business practices and promoter fair competition in the market place.
@CCI_India approves acquisition of 9.99% stake in Jio Platforms by Jaadhu Holdings LLC.
— CCI (@CCI_India) June 24, 2020