Info-tech

Jio Platforms receives ₹43,574 crore from Jaadhu Holdings for 9.99% stake

Our Bureau Mumbai | Updated on July 07, 2020 Published on July 07, 2020

RIL has earlier received all regulatory approvals for the deal

Jio Platforms, a wholly-owned subsidiary of Asia’s richest man Mukesh Ambani-controlled Reliance Industries Ltd (RIL), has received the subscription amount of ₹43,574 crore from Jaadhu Holdings LLC.

RIL also got all regulatory approvals for the deal with Jaadhu Holdings, a wholly-owned subsidiary of Facebook. Following the agreement, Jaadhu Holdings holds 9.99 per cent stake in Jio Platforms, RIL said in a regulatory filing.

RIL had announced the deal with Facebook on April 22.

ALSO READ: Facebook picks 9.99 per cent in Jio Platforms

On June 24, RIL had received the Competition Commission of India (CCI), the country’s antitrust watchdog, approval for Facebook’s proposed acquisition of a 9.9 per cent stake in Jio Platforms for $5.7 billion (₹43,574 crore).

READ THE STORY: CCI approves Facebook’s $5.7-billion investment in Jio Platforms

Jaadhu Holdings is an indirect wholly-owned subsidiary of Facebook and is incorporated under laws of the State of Delaware, US.

 

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Published on July 07, 2020
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