Competition Commission of India (CCI) has approved the proposed deal to buy out 7.73% stake in Mukesh Ambani’s Jio Platforms to Diggaj Internet company Google. CCI gave information about this by tweeting on Wednesday. It is to be known that this deal was announced in July this year.
CCI said that Google and Jio have entered into a deal to invest Rs 33,737 crore ($ 4.5 billion) to buy a 7.7 percent stake in the platforms. With this, Google and Jio Platforms Limited (JPL) will get the facility to develop and launch new smartphones in the country.
It is noteworthy that for deals above a limit, approval from CCI is required. Through this step, unfair trade is kept under control. Mukesh Ambani, chairman of Reliance Industries Limited, said in July that Google had given its consent to invest in JPL.