Google Files For CCI Approval For Stake Buy In Jio Platform
Google has filed for approval from the Competition Commission of India (CCI), India’s antitrust watchdog, for its INR 33,737 Cr investment in Jio Platforms for a 7.73% stake in the company.
As per the filing with the CCI, Google is making the investment through Google International LLC, a wholly-owned subsidiary of Google LLC. Jio Platforms, in turn, is a subsidiary of Reliance Industries Limited.
The filing mentions that Google’s investment in Jio Platforms is for manufacturing a new smartphone in India. “The proposed transaction enables Google and JPL to develop and launch a new smartphone in India. The parties, thus, consider that the only relevant market for assessing the horizontal competitive effects of the transaction is the market for the supply of mobile phones in India. Outside this transaction, Google and JPL will continue to conduct their business activities independently,” reads the filing.