(Bloomberg) — TPG Capital agreed to pay 45.4 billion rupees ($600 million) for a stake in Jio Platforms Ltd., the telecommunications and digital services business of Reliance Industries Ltd., India’s largest company.

The deal is for a 0.93% share, Reliance said in a statement.

The Texas-based private equity firm’s backing adds to the list of well-known investment firms joining billionaire Mukesh Ambani’s bid to pay down debt at his Reliance flagship. He has also drawn investors with a plan to shift the conglomerate toward growth in e-commerce, online entertainment and digital payments, away from a dependence on revenue from oil refining and petrochemicals.

L Catterton, the $20 billion consumer-focused private equity firm co-founded by luxury retailer LVMH, will also invest in Jio, putting up 18.9 billion rupees for a 0.39% stake, Reliance said in a separate statement.

Ambani’s digital unit, whose equity value is now about $65 billion, has sold a little over 22% in stakes to buyers including Facebook Inc., KKR & Co., Silver Lake Partners and General Atlantic. Jio is expected to use its roughly 400 million wireless phone subscribers as the cornerstone of an e-commerce and digital services business in the world’s second-biggest country.

The slew of investments have sent Reliance Industries shares soaring more than 80% since late March, and the stock is trading near a record-high.