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OK Google: $4.5B Jio stake bid gets green light

Issac John /Dubai
issacjohn@khaleejtimes.com Filed on November 12, 2020

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”.

— issacjohn@khaleejtimes.com

author

Issac John

Editorial Director of Khaleej Times, is a well-connected Indian journalist and an economic and financial commentator. He has been in the UAE's mainstream journalism for 35 years, including 23 years with Khaleej Times. A post-graduate in English and graduate in economics, he has won over two dozen awards. Acclaimed for his authentic and insightful analysis of global and regional businesses and economic trends, he is respected for his astute understanding of the local business scene.





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