Here are 10 things to know:
Reliance Industries shares climbed up 1 per cent after the announcement. At 10:42 am, the stock traded 0.65 per cent higher at Rs 2,259.45 apiece on the BSE, outperforming the benchmark Sensex index which was up 0.37 per cent.
The latest transaction - subject to regulatory and other customary approvals - comes at a time when global investors including internet giants Facebook and Google are bullish on the Reliance Industries businesses.
“I am pleased to extend our relationship with General Atlantic as we work towards empowering both merchants and consumers alike, and ultimately transforming Indian Retail," said Mukesh Ambani, chairman and managing director, Reliance Industries.
The deal marks the second investment by General Atlantic in a Reliance Industries group company, following a capital infusion of Rs 6,598.38 crore in Reliance Industries' digital services unit, Jio Platforms.
"Like Reliance Retail, General Atlantic believes in the fundamental ability of digital enablement to drive progress, growth, and inclusion across India and the world," Mr Ambani added.
Reliance Industries has attracted a series of investments this year, which have helped the group become net debt-free company much ahead of its goal of March, 2021.
Recently, US-based private equity companies KKR and Silver Lake had purchased stakes in Reliance Retail Ventures, which is a subsidiary of Reliance Industries and the holding company of all the retail companies under the conglomerate.
The group has been aggressively expanding its footprint in the domestic retail sector as it looks to attract potential investors over the next few quarters.
In August, RIL purchased the retail, wholesale, logistics and warehousing businesses of Future Group for Rs 24,713 crore.
That deal followed its launch of JioMart, an online grocery service, In May, in a move aimed at rivalling Amazon's local unit and Walmart's Flipkart in the huge market.