CCI approves 7.73% stake buy by Google in Jio Platforms
The Competition Commission of India (CCI) has approved the acquisition of 7.73 per cent in Jio Platforms by Google. This was announced by the CCI in a tweet on Wednesday.
Google had announced that it has signed an agreement to invest $4.5 billion (Rs 33,737 crore) in Jio Platforms Ltd, taking a 7.73 per cent stake in the company, pending regulatory review in India.
This is the first investment from the Google For India Digitization Fund, which aims to accelerate India's digital economy over the next five to seven years through a mix of equity investments, partnerships and operational, infrastructure and ecosystem investments.
Google and Jio Platforms have entered into a commercial agreement to jointly develop an entry-level affordable smartphone with optimisations to the Android operating system and the Play Store.
"Together we are excited to rethink, from the ground up, how millions of users in India can become owners of smartphones. This effort will unlock new opportunities, further power the vibrant ecosystem of applications and push innovation to drive growth for the new Indian economy," Google had announced.
"Our mission with Android has always been to bring the power of computing to everyone, and we've been humbled by the way Indians have embraced Android over recent years. We think the time is right to increase our commitment to India significantly, in collaboration with local companies, and this partnership with Jio is the first step," Google had said.
"We want to work with Jio and other leaders in the local ecosystem to ensure that smartphones — together with the apps and services in the Play Store — are within reach for many more Indians across the country. And we believe the pace of Indian innovation means that the experiences we create for India can ultimately be expanded to the rest of the world," it added.