The Competition Commission of India (CCI) is reviewing Facebook's acquisition of 9.99% stake in Jio Platforms.The CCI looks to prevent misuse of data in all the deals it assesses. Facebook had invested close to $5.7 Bn (INR 43,574 Cr) in Jio Platforms in exchange for a 9.99% stake in April 2020.
With this investment, Facebook had become the largest external investor in Jio Platforms, second only to parent company Mukesh Ambani-led Reliance Industries. The deal is also said to be the largest foreign direct investment (FDI) in the technology sector in India.
In the last eight weeks, Jio Platforms has raised INR 1.04 Lakh Cr from global investors like Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, Abu Dhabi Investment Authority (ADIA), TPG and L Catterton. For this, the company had to dilute 22.38% of its business. Reports also suggest that both Google and Microsoft are in talks with Reliance Jio to acquire a 6% stake.