Forex traders follow Google-Jio deal
By MYBRANDBOOK
As soon as Google’s $4.5 billion deal with Jio was announced the market priced-in the inflow and a possible appreciation of the rupee. Currency dealers sold dollar in the forward market or took position on exchanges or cut other deals.
While most in the market expect the deal to come through, traders are beginning to wonder why the Competition Commission of India (CCI) is yet to approve the transaction.
On July 15 Google announced it would invest Rs 33,737 crore to buy 7.7% stake in Jio Platforms. After more than a month, probably spent in to addressing ` data privacy issues’, Google moved CCI in September. Google’s s arch rival Facebook's deal with Jio was announced in April and the CCI nod came in June.
In foreign direct investments, a bank receiving the foreign exchange sells the currency, converting the amounts in rupees, and holds the money in its suspense account till all regulatory approvals are in place. After that, the money is credited to the investee company while the foreign investor receives shares of the latter.
Google is awaiting CCI go-ahead for the stake buy as well as for a commercial pact to jointly develop entry level Android smartphones. The Silicon Valley giant plans to invest in the digital arm of Reliance Industries through its wholly-owned subsidiary, Google International LLC (GIL).
According to experts, the CCI scrutiny will follow similar questions around data sharing that were asked to the US social media major Facebook. It will come in the backdrop of greater global regulatory scrutiny into the operations and actions of US technology majors such as Amazon, Apple, Google and Facebook, amid concerns around their anti-competitive behaviour.
Jio Platforms raised Rs 1,52,056 crore from 13 global investors, including Facebook and Google, for a cumulative equity stake of 32.96%. Others include Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG, L Catterton, Public Investment Fund, Intel Capital & Qualcomm Ventures. All these investments, excluding Google, have been completed and the company has received Rs 1,18,319 crore.
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