The Competition Commission of India (CCI) has given a green signal for Reliance Industries Limited (RIL) and Facebook Inc. deal worth around $5.7 billion. Also, Reliance is looking for another deal worth $15 billion with Saudi Aramco. “CCI has approved the acquisition of a 9.99% stake in Jio Platforms by Jaadhu Holdings LLC,” said a watchdog on twitter.
In a letter with Reliance Shareholders, Mukesh Ambani the chairman of RIL said “This partnership is aimed at accelerating India’s all-round development, fulfilling the needs of Indian people and the Indian economy. The joint focus will be to digitally enable and empower India’s 60 million MSMEs, 120 million farmers, 30 million small merchants, and millions of SMEs in the informal sector, in addition to empowering people seeking various digital services.”
And with Saudi Aramco deal, Mr. Ambani said “Reliance is working to complete the contours of a strategic partnership with Saudi Aramco. The partnership gives our refineries access to a wide portfolio of value-accretive crude grades and enhanced feedstock security for higher oil-to-chemicals conversion.” He continued saying “The combined capital raised has no precedence globally in such a short time. Both of these are also unprecedented in Indian corporate history and have set new benchmarks. It is even more remarkable that this was achieved amid a global lockdown caused by the COVID-19 pandemic,”
“With feelings of pride and humility, I would like to let you know that this was the largest rights issue in the last 10 years globally by a non-financial institution and the largest ever in India. Your company thus created a new landmark in the history of India’s capital market,” Mr. Ambani added.