On Wednesday, India’s Reliance Industries Ltd stated, U.S. Fund General Atlantic plans on investing $498.31 million (36.75 billion rupees) for a 0.84% stake in its retail arm, marking it as the latest entrant in a series of investments at the Indian oil-to-telecoms conglomerate.

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

Reliance is India’s biggest brick-and-mortar retailer with around 12,000 stores; it is eyeing to expand into India’s high growth e-commerce space with its new venture.

Earlier, General Atlantic had 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.

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