General Atlantic to invest $498.31 million in Reliance’s retail arm

FILE PHOTO: The logo of Reliance Industries is pictured in a stall at the Vibrant Gujarat Global Trade Show at Gandhinagar, India, January 17, 2019. REUTERS/Amit Dave/File photo

(Reuters) – Reliance Industries Ltd said on Wednesday U.S. Fund General Atlantic plans to invest 36.75 billion rupees ($498.31 million) for a 0.84% stake in its retail arm, making it the latest in a series of investments at the Indian oil-to-telecoms conglomerate.

The investment gives Reliance Retail a pre money valuation of 4.29 trillion rupees ($58.17 billion).

Reliance is India’s biggest retailer with roughly 12,000 stores and has been looking to expand its so-called new e-commerce venture as it vies for market share in India’s growing retail space.

General Atlantic had earlier said it would invest 65.98 billion rupees in Reliance’s digital arm Jio platforms, which has raised over $20 billion over the last few months.