In April, the social media giant Facebook was agreed to invest INR 43,574 crores to the Indian telecom service provider Reliance Jio with the exchange of a 9.99% of its stack. Two days back, on 24th June, the Competition Commission of India (CCI) tweeted “@CCI_India approves acquisition of 9.99% stake in Jio Platforms by Jaadhu Holdings LLC.”
Jaadhu Holdings LLC, the company name mentioned in the tweet, is a new US-based company. It was formed by Facebook in March of this year to pick up the stakes from Jio. It is not involved in any other businesses – they said to the CCI.
Earlier this approval, there was confusion about the conformation by the regulatory approval but it is fully clear now. The telecom company needs to wait a few days more to get the approvals of the other ten investments from the giants.
Facebook’s investment is the largest one among all. Rather than Facebook, there are investments from Silver Lake (two times), Vista Equity, General Atlantic, KKR, Mubadala, ADIA, TPG, L Catterton, and the recent one from PIF. By adding up all the amounts, Jio bagged a total of ₹115,693.95 crores. As per the Ambani team, by utilizing these investments, it will fully eliminate the entire debt of 1.62 lack crores by this year.
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