OK Google: $4.5B Jio stake bid gets green light
Firms to collaborate on developing a customised-version of the Android mobile operating system to build low-cost, entry-level smartphones
The Competition Commission of India has approved Google’s proposed investment of $4.5 billion in Jio Platforms for a 7.73 per cent stake in the nation’s largest telecom network.
As part of the deal announced in July, Google and Jio Platforms plan to collaborate on developing a customised-version of the Android mobile operating system to build low-cost, entry-level smartphones to serve the next hundreds of millions of users, the two companies said.
The anti-trust watchdog tweeted: “Commission approves acquisition of 7.73 per cent equity share capital of Jio Platforms by Google.”
Jio Platforms, a subsidiary of Reliance Industries owned by Asia’s richest man Mukesh Ambani, has raised more than $20 billion from 13 high-profile investors, including two UAE sovereign wealth funds.
The Indian watchdog’s announcement comes days after it announced it had directed an in-depth investigation into Google to verify the allegations of whether the Android-maker promotes its payments service during the installation of an Android smartphone (and whether phone vendors have a choice to avoid this); and if Google Play Store’s billing system is designed “to the disadvantage of both i.e. apps facilitating payment through UPI, as well as users”.
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