Mukesh Ambani’s Reliance Retail is set to raise Rs49.67billion ($598 million) from the Abu Dhabi Investment Authority. The investment by ADIA at a valuation of $100.8 billion translates into a stake of 0.59% in the company.

The deal is in line with Reliance’s internal target of raising $3.5 billion. This is not the first time that ADIA is collaborating with the billionaire. Earlier in June 2020, ADIA had invested a whopping $752 million in Reliance Industries Ltd.’s digital arm. This, though on a fully diluted basis, translated into a 1.16% equity stake in Jio Platforms Ltd.

With more than 18,000 stores, Reliance Retail – the retail unit of oil-to-retail conglomerate Reliance Industries – competes with Amazon and Flipkart and operates digital commerce platforms across grocery, consumer electronics, fashion and lifestyle, and pharma.

In recent months it has attracted investments from private equity firm KKR & Co and Qatar Investment Authority (QIA). Morgan Stanley acted as financial adviser to Reliance Retail.

“Reliance Retail has demonstrated strong growth and adaptability in a market that is evolving at an unprecedented pace,” said Hamad Shahwan Aldhaheri, executive director of the private equities department at ADIA.

Meanwhile, ADIA, established in 1976, is a globally diversified investment institution that invests funds on behalf of the Government of Abu Dhabi. The investments are prudent based on a strategy focused on long-term value creation.