Indian conglomerate Reliance Industries (RIL) has secured an investment of approximately $1.3bn for its retail business from Saudi Arabia’s Public Investment Fund (PIF).

With this investment, PIF will pick a 2.04% stake in RIL’s retail business Reliance Retail Ventures (RRVL). The deal values the business at about $62.4bn.

The latest investment marks its eighth investment in RIL’s retail arm within two months, which includes investment from Silver Lake, KKR, General Atlantic, Mubadala, GIC, TPG and ADIA.

The business serves nearly 640 million footfalls across its 12,000 stores.

Reliance Industries chairman and managing director Mukesh Ambani said: “We at Reliance have a long-standing relationship with the Kingdom of Saudi Arabia. PIF is at the forefront of the economic transformation of the Kingdom of Saudi Arabia.

“I welcome PIF as a valued partner in Reliance Retail and look forward to their sustained support and guidance as we continue our ambitious journey to transform India’s retail sector for enriching the lives of 1.3 billion Indians and millions of small merchants.”

This is the second investment by PIF in RIL after revealing plans to invest $1.5bn in its Jio Platforms for a 2.32% stake in June this year.

PIF governor Yasir Al-Rumayyan said: “We are pleased to be furthering our trusted partnership with Reliance Industries, the leading player in some of India’s most exciting sectors. This investment further demonstrates PIF’s commitment to generating returns for the Saudi people and driving the economic diversification of Saudi Arabia.”

In Separate development, Flipkart Group strengthened its operation in the fashion industry with a strategic investment in USPL during its Series F funding round.

USPL brands are available in more than 750 offline retail outlets across over 100 cities.