Google has accomplished the funding into Reliance Industries’ digital arm by way of its subsidiary Google Worldwide LLC. (Supply: Bloomberg)
The competitors regulator on Thursday authorised Google’s acquisition of a 7.73 per cent stake in Reliance Jio Platforms (JPL), for Rs 33,737. The businesses had introduced the transfer in July, noting that they might collectively develop reasonably priced smartphones for the Indian market. Google has accomplished the funding into Reliance Industries’ digital arm by way of its subsidiary Google Worldwide LLC.
The Competitors Fee of India (CCI) famous that the transaction “allows Google and JPL to develop and launch a brand new smartphone in India,” and that the events would proceed to conduct their enterprise actions independently exterior of the marketplace for provide of smartphones in India.
Facebook too has invested in Jio Platforms this 12 months, buying a 9.99 per cent stake within the firm for Rs 43,574 crore. It’s among the many strategic traders who’ve collectively invested Rs 1.52 lakh crore in Jio Platforms this 12 months.
The CCI approval comes at a time when Google has been below growing antitrust scrutiny, with the US Division of Justice submitting an antitrust go well with in opposition to the tech large for allegedly misusing market energy to take care of search dominance.
© The Indian Specific (P) Ltd
