On Wednesday, the Competition Commission of India ( CCI) said it authorised the planned acquisition of 7.73 per cent of Jio Platforms by Google's internet giant. The transaction would promote the creation and introduction of a new smartphone in the nation through Google and Jio Platforms Ltd (JPL).
It was revealed in July that Google had agreed to spend Rs 33,737 crore to acquire a 7.7 per cent interest in the technology venture of Reliance Industries. "The Commission approves the purchase by Google of 7.73 per cent of Jio Platforms' equity shares," the watchdog said in a tweet.
The proposed deal helps Google and JPL to create and introduce a new smartphone in India, according to the combination notification filed with the regulator.
The parties, therefore, think that the market for the supply of cell phones in India is the only appropriate market for the evaluation of the horizontal competitive impact of the deal.
Google and JPL will continue to individually perform their corporate affairs outside of this transaction, as per the note.
Mukesh Ambani, Chairman of Reliance Industries, reported in July that Google had agreed to invest in JPL and to collaborate on technology initiatives, including the development of affordable smartphones.
It was revealed in July that Google had agreed to spend Rs 33,737 crore to acquire a 7.7 per cent interest in the technology venture of Reliance Industries. "The Commission approves the purchase by Google of 7.73 per cent of Jio Platforms' equity shares," the watchdog said in a tweet.
The proposed deal helps Google and JPL to create and introduce a new smartphone in India, according to the combination notification filed with the regulator.
The parties, therefore, think that the market for the supply of cell phones in India is the only appropriate market for the evaluation of the horizontal competitive impact of the deal.
Google and JPL will continue to individually perform their corporate affairs outside of this transaction, as per the note.
Mukesh Ambani, Chairman of Reliance Industries, reported in July that Google had agreed to invest in JPL and to collaborate on technology initiatives, including the development of affordable smartphones.
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