Google to Pick 7.73 Percent Stake in Jio Platforms Post CCI's Nod

On Wednesday, the Indian watchdog, Competition Commission of India (CCI) approved Google’s proposed purchase of 7.73 percent stake in Jio Platforms. Google, in July had agreed to invest Rs.33,737 crore to buy this stake . “Commission approves acquisitions of 7.73 percent equity share capital for Jio Platforms by Google,” said CCI in a tweet. This approval comes as a process to check any unfair business practices across sectors.

As a part of the deal, Google and Jio Platforms plan of collaborating on the development of a customized-version of the Android mobile OS while building a low-cost, entry-level smartphones. Jio has plans to launch nearly 200 million smartphones in the next three years and as per a developer pitched by Jio Platforms, the smartphones will have an application store featuring only a few dozen apps vetted and approved by Jio, similar to the 40 million of Jio’s feature phones in circulation today.

Jio, in 13 rounds of investments from global investors, has raised nearly $20 billion. One of the many high-profile investors was Facebook, whose investment of $5.7 billion was approved by the CCI. Other investors include TPG, KKR, L Catterton, General Atlantic, Vista Equity Partners, Abu Dhabi Investment Authority, Mubadala, and Public Investment Fund.