Facebook Floats New Entity ‘Jaadhu’ To Acquire Jio Platform’s Stake
Social media giant Facebook has floated a new US-based entity, Jaadhu Holdings LLC, to acquire the 9.99% stake in Reliance Jio Platforms, as announced in April this year. Jaadhu is an indirect wholly-owned subsidiary of Facebook and was incorporated in March 2020. Both Jio and Facebook had clarified that they would operate independently after fears of data monopoly. They have not engaged in any business, either in India or abroad.