Facebook floats new entity 'Jaadhu' to acquire 9.99% stake in Jio

Facebook has floated a new entity Jaadhu Holdings LLC incorporated in Delaware in US, which will now acquire 9.99% stake in Jio Platforms Ltd.

The two companies disclosed this in a submission to India’s Competition Commission of India., seeking clearance for the $5.7 billion deal that was announced in April.

“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.