Mukesh Ambani-led Reliance Industries on Wednesday announced that United States’ General Atlantic will buy a 0.84% stake in its retail arm, Reliance Retail Ventures, for Rs 3,675 crore. The deal gives Reliance Retail an equity value of Rs 4.29 lakh crore, the oil-telecom conglomerate said in a regulatory filing.

“I am pleased to extend our relationship with General Atlantic as we work towards empowering both merchants and consumers alike, and ultimately transforming Indian Retail,” said Reliance Industries Chairman and Managing Director Ambani. He added that General Atlantic too believed in the “fundamental ability of digital enablement” to boost growth.

After the announcement, Reliance Industries shares rose about 0.48%, going up to Rs 2,256 on the BSE at 9.45 am.

“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,” said General Atlantic Chief Executive Officer Bill Ford.

This is General Atlantic’s second investment in Reliance Industries subsidiary. The US-based firm had earlier invested Rs 6,598.38 crore in Jio Platforms. For Reliance Retail Ventures, this is the third deal this month. On September 9, private equity company Silver Lake Partners bought 1.75% stake in Reliance Retail for Rs 7,500 crore. Last week, US-based firm KKR said it will buy 1.28% equity stake for Rs 5,550 crore. With this, the total funding in Reliance Retail Ventures is over Rs 16,000 crore within a month.

Various companies have this year invested in Reliance Industries, which has helped the conglomerate become net debt-free. “I have fulfilled my promise to the shareholders by making Reliance net-debt free much before our original schedule of March 31, 2021,” Ambani had said.

On July 15, Ambani had announced that Google will invest Rs 33,737 crore to buy a 7.7% stake in Jio Platforms – Reliance Industries’ digital arm. United States public multinational corporation Qualcomm had on July 13 invested Rs 730 crore in Jio Platforms. Then on July 3, Reliance announced that tech giant and electronic chip manufacturer Intel’s investment arm will buy a 0.39% stake in Jio Platforms for Rs 1,894 crore.

On June 8, Reliance Industries announced that the Abu Dhabi Investment Authority will buy 1.16% of its digital unit Jio Platforms for Rs 5,683.50 crore through a wholly-owned subsidiary. The investment came days after Abu Dhabi’s state fund Mubadala Investment Co announced it will invest Rs 9,093.60 crore in Jio Platforms, translating into an equity stake of 1.85% in the company.