The Competition Commission of India (CCI) on Wednesday said it has approved US internet giant Google's proposal to acquire 7.73 per cent stake in billionaire Mueskh Ambani-led Jio Platforms. The approval paves way for Google to jointly develop Android smartphones in India. The US-based firm will be making the investment into the digital arm of Reliance Industries through its wholly-owned subsidiary Google International LLC (GIL).
"Commission approves acquisition of 7.73 per cent equity share capital of Jio Platforms by Google," CCI said in a tweet.
The regulatory approval came about four months after the two companies made the announcement. In July, Google had announced to invest Rs 33,737 crore to acquire a minority non-controlling shareholding of around 7.7 per cent in the Reliance Industries' technology venture. The US-based internet major had moved the CII in September to get an all-clear for its investment in Jio Platforms.
Google was the 14th investor to invest in Jio Platforms after Facebook, Qualcomm and Intel. Facebook, Silver Lake Partners (two investments), Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG, L Catterton, PIF, Intel Capital and Qualcomm Ventures are the other companies that have invested in Jio Platforms.
The watchdog has already approved Facebook's acquisition of 9.99 per cent in Jio Platforms for Rs 43,574 crore, a move which would strengthen social media giant's presence in its largest market.
Jio Platforms has raised over Rs 1.52 lakh crore fund by divesting minority stakes to multiple technology companies which includes tech giants, private equity players and sovereign wealth funds.