The kingdom's sovereign wealth fund, the Public Investment Fund (PIF), will pay $1.5 billion for a 2.3% stake in Jio Platforms, the digital technology arm of Ambani's sprawling conglomerate Reliance Industries. The deal, announced on Thursday, values Jio Platforms at close to $68 billion. That deal offered Facebook a crucial foothold in India's fast-growing internet market and further cemented Ambani's position as a kingmaker in the region. Thanks to the fundraising blitz and a recent $7 billion share sale, Reliance Industries said on Friday that it is now debt free. The company said its net debt at the end of March was 1.61 trillion rupees ($21 billion).

Source: CNN June 18, 2020 22:52 UTC