Information provided by the Indian conglomerate on Wednesday revealed that an investment of $755.1 Million (Rs. 5,550 crores) would be made by the US private equity firm KKR in Reliance’s retail arm. This gives the unit an initial cash valuation of Rs 4,21,000 crores.

Reliance suggests that Retail Ventures shall have a 1.28 per cent stake through KKR’s investment. It has been focusing on quick online expansion to compete with Walmart’s Flipkart and Amazon’s Indian arm. Powered by Reliance’s Jio tech platform, the unit owns retail businesses as varied as grocery stores and fashion chains, and operates close to 12,000 stores across India.

There was a previously raised amount of $1.02 billion (approx Rs7,505 crores) from US private equity firm Silver Lake for its retail business, by Reliance on a fund-raising spree. As of May, KKR made $1.5 billion (roughly Rs. 11,035 crores) of investment in Reliance’s digital business, its biggest one in Asia, as part of a funding round that led to a raise in over $20 billion (roughly Rs. 1,47,150 crores) among investors such as Facebook and Alphabet Inc’s Google.

KKR will invest in its Asia private equity funds. Morgan Stanley acted as Reliance Retail’s financial adviser, while Deloitte was KKR’s financial adviser.