Reliance Industries Ltd. (RIL) on Wednesday announced that General Atlantic will invest Rs 3,675 crore for a stake of 0.84 per cent in its subsidiary Reliance Retail Ventures Ltd. (RRVL). The current investment values Reliance Retail equity value at Rs 4.285 lakh crore.

It is the second investment by Global equity firm, General Atlantic in RIL’s subsidiary. Earlier this year, General Atlantic had invested Rs 6,598.38 crore in Reliance’s subsidiary Jio Platforms.

In the past few days, RIL’s retail segment has collected a total of Rs 13,050 crore from American private equity firm Silver Lake Partners and American global investment company KKR & Co. Inc. in an exchange of 1.75 percent and 1.28 percent stakes, respectively.

“Reliance Retail, General Atlantic believes in the fundamental ability of digital enablement to drive progress, growth, and inclusion across India and the world,” said Chairman and MD of RIL, Mukesh Ambani.

Bill Ford, CEO of General Atlantic, said, “General Atlantic is thrilled to be backing Mukesh’s New Commerce mission to drive substantial positive change in the country’s retail sector, which goes hand-in-hand with his vision to enable a Digital India through the work of Jio Platforms.”

Reliance is the biggest retailer in India with around 12,000 stores and has been looking forward for expanding its new e-commerce venture to capture market share in India’s growing retail space.