November 13, 2020 1:35:18 am
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.
Facebook too has invested in Jio Platforms this year, acquiring a 9.99 per cent stake in the company for Rs 43,574 crore. It is among the strategic investors who have collectively invested Rs 1.52 lakh crore in Jio Platforms this year.
The CCI approval comes at a time when Google has been under increasing antitrust scrutiny, with the US Department of Justice filing an antitrust suit against the tech giant for allegedly misusing market power to maintain search dominance.
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