The Facebook establishment will obtain a minor, non-controlling share in Jio Platforms, according to the acceptance of the Competition Commission of India. Also, the Reliance Industry and Facebook informed the Commission that the present transaction does not change the competitive landscape and that Facebook and Jio Platforms would continue operating at an individual level.
“The Proposed Transaction and the Proposed Commercial Arrangement are pro-competitive, benefits consumers, Kirana (corner) stores and other small and micro local Indian businesses, and take forward the vision of digital India,” the filing read.
Both of the companies revealed this in a submission to India’s competition, asking clearance for the $5.7 billion deal which was announced back in the month of April.
Jio Platforms, Facebook-owned instant messaging service WhatsApp Inc and Reliance Retail are expected to enter into a separate commercial proposal, the reports further added. Jaadhu is a newly incorporated company formed in March 2020 and as on the date of the Notification Form, Jaadhu is not involved in any business in India or anywhere in the world,” it said. “Jaadhu which is an indirect wholly owned subsidiary of Facebook.