Google to approach CCI for approval of deal with Jio Platforms
Google will be approaching the Competition Commission of India for seeking its approval to invest Rs 33,737 crore investment in Jio Platforms for a 7.73% stake. The present deal will enable both the companies to collaborate on technology initiatives, including development of affordable smartphones. Google and Jio are partnering to build an operating system that could power affordable 4G and 5G smartphones. Also, JioMart, online shopping portal, and WhatsApp will be working closely to enable customers to seamlessly transact at mom-and-pop stores.
In this respect, Google CEO Sundar Pichai expressed that the present partnership with Jio will create more positive impact than could have done by the two companies alone. He also stated that out of the already committed $ 10 billion investment in India announced on July 13, 2020, this standalone investment of $ 4.5 billion is the biggest one. On July 13, 2020, Google announced its ‘Google for India Digitization Fund’, wherein it committed to invest Rs 75,000 crore (about $10 billion) to accelerate India’s digital economy over the next 5-7 years.
