Facebook is buying a 9.9 percent stake in Jio Platforms through its new entity Jadoo Holdings. Facebook announced this investment in Jio Platforms only last month. Facebook said in April that it would buy a 9.9 percent stake in Jio Platforms with an investment of $ 5.7 billion (Rs 43,574 crore).
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Facebook’s wholly owned subsidiary Magic Holdings (Limited Liability Company-LLC) has submitted documents in this regard to the Competition Commission of India. Magic Holdings was formed in the US in March 2020. It does not do any business in India or any other country in the world. The aim is to buy a minority stake in Jio Platforms.
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With this, Jio Platforms, WhatsApp Inc. and Reliance Retail Ltd. have formed a separate partnership. Reliance Retail has launched a new e-marketplace called ‘Geomart’. It connects customers to small shops and grocery stores. There are plans to later connect it with WhatsApp.
Which company bought how much stake in Jio platform
|company||Deal Announcement||Investment in crores of rupees||
Stake in Jio (%)
|silver Lake||4 May||5655.75||1.15|
|Vista partner||8 May||11367||2.32|
|General atlantic||17 May||6598.38||1.34|
|Total Investment 78562.13||17.12|