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Facebook is buying ‘magic’ stake in Jio Platforms

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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).

Also read: Abu Dhabi Investment Company may invest 75 billion 65 crore in Reliance’s Jio Platforms

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.

Also read: Reliance Jio introduced new internet plan, 3GB data per day for 84 days for Rs 999

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 (%)

Facebook 22 April 43574 9.99
silver Lake 4 May 5655.75 1.15
Vista partner 8 May 11367 2.32
General atlantic 17 May 6598.38 1.34
KKR 22 May 11367 2.32
Total Investment 78562.13 17.12

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