Competition Commission clears Google buying 7.7 pc stake in Jio

By: |
November 11, 2020 6:54 PM

In July, it was announced that Google has agreed to invest Rs 33,737 crore to buy a 7.7 per cent stake in the Reliance Industries' technology venture.

"Commission approves acquisition of 7.73% equity share capital of Jio Platforms by Google," the watchdog said in a tweet."Commission approves acquisition of 7.73% equity share capital of Jio Platforms by Google," the watchdog said in a tweet.

The Competition Commission of India (CCI) on Wednesday said it has approved internet major Google’s proposed purchase of 7.73 per cent stake in Jio Platforms.

In July, it was announced that Google has agreed to invest Rs 33,737 crore to buy a 7.7 per cent stake in the Reliance Industries’ technology venture.

“Commission approves acquisition of 7.73% equity share capital of Jio Platforms by Google,” the watchdog said in a tweet.

Deals beyond a certain threshold require approval from the CCI, which keeps a tab on unfair business practices across sectors.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Google India FY20 revenue rises 35% to Rs 5,593.8 crore, profit up 24%
2Realtors should avail last mile finances from Rs 25,000 crore stress fund: SBICAP
3RBI’s culpability in Lakshmi Vilas Bank’s failure needs to be looked into: AIBEA