There was official confirmation from the company on Thursday that the Public Investment Fund - PIF of Saudi Arabia had also joined the Jio Platforms bandwagon. PIF is the sovereign fund of Saudi Arabia and it has infused $1.50 billion to pick up a 2.32% stake in Jio Platforms. This is the latest in a long list of placements that Reliance has managed successfully. With this stake sale, Reliance has now managed to sell 24.71% stake in Jio Platforms for a consideration of Rs.116,000 crore. The non-Facebook PE and sovereign fund investors have valued Jio Platforms at $65 billion overall. This infusion is extremely important for RIL as it eases the path to become zero net-debt company by March 2021. RIL has now monetized close to 25% of the stake in Jio Platforms and may not have much further room left as of now. In addition, it has also realized 25% of its rights proceeds.