New Delhi: US private equity firm KKR & Co. on Wednesday announced a massive investment of Rs 5,550 crore to buy a 1.28 per cent stake in  Reliance Industries Ltd's retail arm Reliance Retail Ventures (RRVL) as the Mukesh Ambani-run conglomerate extends fundraising spree that has already netted more than USD 20 billion. ALSO READ | Facebook India Moves SC Against Notice Issued By Delhi Assembly Over Role In Feb Riots; Hearing Today

As per the announcement made by the oil-to-telecom conglomerate, the investment values Reliance Retail, which runs grocery stores and fashion chains, at a pre-money equity value of Rs 4.21 lakh crore. The development comes days after private equity giant Silver Lake Partners said that it will invest Rs 7,500 crore in Reliance Retail.

"KKR will invest Rs 5,550 crore into Reliance Retail Ventures Ltd (RRVL), a subsidiary of Reliance Industries Ltd," RIL said in an official statement adding that KKR's investment will translate into a 1.28 per cent equity stake in RRVL on a fully diluted basis.

This is said to be the second investment by KKR in Reliance Industries (RIL) units. It had previously picked up a 2.32 per cent stake in the digital arm, Jio Platforms for Rs 11,367 crore.

In a span of two weeks, Reliance Retail garnered investment from two entities. Earlier, the home grown retail firm had announced investment to the tune of Rs 7,500 crore from private equity giant Silver Lake Partners for a 1.75 per cent stake.

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Experts believe that Reliance Industries Limited, through such asset monetization deals, aims to line up a scrum of global investors to take on rivals such as Amazon India and Walmart-owned Flipkart in India's massive disruptive retail market.

In May, Reliance launched an online grocery delivery service JioMart. It has tied up with WhatsApp to connect customers with local kirana stores.  Late last month, Reliance acquired the retail and logistics businesses of Future Group for Rs 24,713 crore to boost its retail vertical.

As per details, Morgan Stanley acted as financial advisor to Reliance Retail and Cyril Amarchand Mangaldas and Davis Polk & Wardwell acted as legal counsels. KKR is making its investment from its Asia private equity funds.

After monetising Jio Platforms -- which houses the firm's telecom arm and digital ventures, richest Indian Mukesh Ambani is roping in investors in the retail business. All the 13 investors, who had poured in a combined Rs 1.52 lakh crore in Jio Platforms, have been offered a chance to explore investing in the retail unit.