US private equity firm KKR has revealed its plans to invest ₹55.5bn ($755.09m) in India’s Reliance Industries Limited (RIL) subsidiary Reliance Retail Ventures Limited (RRVL).

Following this investment, KKR will hold a 1.28% stake in RRVL.

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The investment will give RIL a pre-money equity value at ₹4.2tn ($57bn). Completion of the deal is subject to regulatory and other customary approvals.

This is the second investment by KKR in a Reliance subsidiary, funded from its Asia private equity funds.

KKR co-founder and co-CEO Henry Kravis said: “We are pleased to deepen our relationship with Reliance Industries through this investment in Reliance Retail Ventures, which is empowering merchants of all sizes and fundamentally changing the retail experience for Indian consumers.

“Reliance Retail’s new commerce platform is filling an important need for both consumers and small businesses as more Indian consumers move to shopping online and the company offers tools for Kiranas to be a critical part of the value chain.”

The investment comes two weeks after US private equity group Silver Lake Partners agreed to invest $1.02bn in RIL’s retail division.

Recently, the company reportedly invalidated a report on a potential transaction with US rival Amazon.

Reliance Industries chairman and managing director Mukesh Ambani 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.”

Last month, RRVL acquired a majority equity stake in Vitalic Health (Vitalic) and its subsidiaries, known as Netmeds, for $83m in cash.