The Indian Competition Authority approves a Big Tech company’s minority investment in a national telecommunications firm (Facebook / JIO Platforms)

Jaadhu Holdings LLC (“Jaadhu”), is an indirect wholly owned subsidiary of Facebook Inc. (“Facebook”), incorporated in the state of Delaware, USA.1 Jio Platforms Ltd. (“Jio”), a subsidiary of Reliance Industries Ltd (“RIL”). Jio owns and operates digital applications and holds controlling investments in certain technology related entities. Jio also holds 100% share capital of Reliance Jio Infocomm Ltd. (“RJI”), a telecom operator providing mobile telephone services to users across India. The combination relates to the acquisition of 9.99% equity shares of Jio by Jaadhu by execution of an investment agreement dated April 21st, 2020 (“Investment Agreement”). Pursuant to the Investment Agreement, Jaadhu would be entitled to appoint (i) a director on the board of directors of Jio; and (ii) an