By P.R. Venkat

Abu Dhabi-based sovereign investor Mubadala Investment Co. has agreed to pump in 62.48 billion rupees ($853.28 million) in the retail venture of Indian conglomerate Reliance Industries Ltd., joining the list of foreign firm eager to seek a slice of that business.

The investment will translate into a 1.40% stake in Reliance Retail Ventures Ltd., valuing the company at INR4.29 trillion pre-money, Reliance Industries said late Thursday.

Foreign companies have been investing heavily in various Reliance Industries businesses such as its retail and telecommunications operations.

Earlier this week, U.S. private-equity firm General Atlantic LLC committed to invest $498.2 million in the retail venture. KKR & CO. and Silver Lake have also expressed their intentions to invest millions of dollars in Reliance Retail.

Mubadala's investment is its second in a Reliance Industries subsidiary following a $1.2 billion investment in telecom unit Jio Platforms Ltd.

Earlier this year, companies such as Facebook Inc., Vista Equity Partners, KKR & Co. and Saudi Arabia's sovereign wealth fund, the Public Investment Fund, poured billions of dollars into the telecommunications unit.

"We are pleased to deepen our relationship with Reliance Industries through this investment in Reliance Retail Ventures," Mubadala Chief Executive Khaldoon Al Mubarak said.

Reliance Retail operates India's largest and fastest-growing retail business, with close to 640 million footfalls across its more than 12,000 stores nationwide.

Morgan Stanley acted as Reliance Retail's financial adviser.

Write to P.R. Venkat at venkat.pr@wsj.com

(END) Dow Jones Newswires

10-01-20 1948ET