Google has moved the Competition Commission of India (CCI) seeking an approval for its investment worth its Rs 337.37 billion in Jio Platforms for a 7.73 per cent stake.
As per the recent CCI filing, Google will be making the investment in Jio Platforms through its wholly-owned subsidiary Google International LLC (GIL). The proposed transaction comprises the acquisition by GIL of a minority non-controlling stake in Jio Platforms under Section 5(a) of the Competition Act, 2002.
Besides the funding, certain affiliates of GIL have also entered into a separate commercial agreement with Jio Platforms to collaborate on the development of a new low-cost smartphone. The tech giant has also sought approval to manufacture the smartphone in India.