Reliance Industries Ltd on Wednesday said that the American global investment company KKR & Co will buy a 1.28% stake in Reliance Retail Ventures, for Rs 5,550 crore.

The deal gave Reliance an equity value of Rs 4.21 lakh crore, the company said in an exchange filing before market hours.

In the exchange filing Mukesh Ambani, Chairman and Managing Director of Reliance Industries, said, “I am pleased to welcome KKR as an investor in Reliance Retail Ventures as we continue our onward march to growing and transforming the Indian Retail ecosystem for the benefit of all Indians.”

“KKR has a proven track record of being a valuable partner to industry-leading franchises and has been committed to India for many years,” he added.

Also read: Mukesh Ambani’s Reliance acquires stake in Future Group for Rs 24,713 crore

This is the second investment by KKR in a subsidiary of Reliance Industries. The earlier one was a massive investment of Rs 11,367 crore by KKR in Jio Platforms.

Reliance has attracted several global investors this year, including internet giants Facebook and Google. This has helped Reliance in becoming a net debt-free company much ahead of its goal of March, 2021.

Founded in 2016, Reliance Retail is India’s largest, most profitable and fastest-growing business in terms of revenue. It has retail stores in more than 7,000 towns in India.