Facebook’s $5.7 billion investment in India’s Reliance Jio Platforms that could help the American social juggernaut make inroads into tens of millions of shops in the country is being reviewed by the local antitrust watchdog.
Bloomberg first reported about the antitrust review, citing CCI chairman Ashok Kumar Gupta. The Indian watchdog declined to elaborate the aspects of its examination, but told the outlet that it may consider amending the current rules for some mergers and acquisitions in the country.
A Facebook spokesperson in India did not immediately respond to a request for comment.
In a recent filing, Facebook said the proposed transaction and commercial agreement with Reliance Jio Platforms, which has amassed over 388 million subscribers, are “pro-competitive, benefits consumers, kirana stores (neighborhood stores) and other small and micro local Indian businesses, and take forward the vision of digital India.”
More to follow…