The Public Investment Fund, having committed $1.5 billion this year to Mukesh Ambani’s telecom company, Jio Platforms, and exceeding $500 million into his fiber-optic operations, is once again supporting a business venture spearheaded by India’s wealthiest individual.

The sovereign wealth fund is allocating $1.3 billion to Reliance Retail in exchange for a 2.04% ownership share within India’s largest retail organization. Reliance Retail, established in 2006, is now valued at $62.4 billion, according to the Indian company’s announcement.

Serving over 3.5 million shoppers weekly (as of earlier this year) through its network of almost 10,000 stores located in more than 6,500 cities and towns across the country, Reliance Retail has secured over $6.4 billion in funding since September of this year.

Ambani (pictured above), who successfully obtained over $20 billion for Jio Platforms this year from prominent investors like Facebook and Google, anticipates raising additional billions of dollars for Reliance Retail before the year concludes. Amazon, having invested more than $6.5 billion in its Indian operations to date, is frequently cited as a likely investor in Reliance Retail.

Currently, these two major commerce companies are facing a stalemate regarding Reliance’s $3.4 billion acquisition of multiple businesses belonging to Future Retail, the second-largest retail chain in India. Amazon, holding a minority stake in a Future Retail subsidiary, is engaged in a legal dispute to prevent the transaction between Reliance and Future Retail. Both Future Retail and Reliance Industries have affirmed their intention to move forward with the agreement.

“Reliance has enjoyed a long-term relationship with the Kingdom of Saudi Arabia. PIF is a key driver of the economic evolution within the Kingdom. We are pleased to welcome PIF as a valuable partner in Reliance Retail and anticipate their ongoing support and counsel as we pursue our ambitious goals to reshape the retail landscape in India, benefiting both its 1.3 billion citizens and countless small business owners,” stated Ambani, who leads Reliance Industries, the parent company of Reliance Retail, in a release today.

Reliance Retail entered the e-commerce market last year through JioMart, a collaboration with Jio Platforms. JioMart currently operates in over 200 cities and towns throughout India and has a strategic partnership with Facebook for integration with WhatsApp. Facebook, which invested $5.7 billion in Jio Platforms earlier this year, has expressed its intention to explore various methods of collaborating with Reliance to digitize the nation’s 60 million small, independent stores, along with other small and medium-sized enterprises.

“We are delighted to strengthen our established partnership with Reliance Industries, a leading force in several of India’s most dynamic industries,” said Yasir Al-Rumayyan, Governor of PIF, in a statement. “This investment underscores PIF’s dedication to delivering returns for the people of Saudi Arabia and fostering the economic diversification of Saudi Arabia.”