CURRENT AFFAIRS

Detailed explanation-1: -Facebook will invest Rs 43, 574 crore in Jio Platforms, a unit of Reliance Industries Ltd (RIL), for a 9.99% stake, an allcash deal that will help the oil-toretail conglomerate reduce debt and strengthen the social media company’s presence in its largest market, especially for its WhatsApp unit.

Detailed explanation-2: -The Competition Commission of India (CCI) on Wednesday approved Facebook Inc’s 9.99 per cent stake buy in Reliance Industries’ (RIL) Jio Platforms. Facebook will buy stake worth Rs 43, 574 crore in Jio Platforms through a wholly-owned indirect subsidiary Jaadhu Holdings LLC.

Detailed explanation-3: -Jio Platforms, the parent firm Reliance Jio, has received Rs 43, 574 crore investment from Facebook for a 9.99 per cent stake in the company, Reliance Industries said in a regulatory filing on Tuesday.

Detailed explanation-4: -In a statement on Wednesday, the Competition Commission of India said it had approved Facebook’s proposed multi-billion-dollar investment in Jio Platforms for a 9.99% stake in the top Indian telecom network.