Entertainment providers Reliance Industries Limited (RIL), based in India and Walt Disney from the United States signed agreements with Viacom 18 Media (Viacom18) on Wednesday, to form a joint venture (JV).
Reliance Industries said the company has agreed to invest ₹11,500 Crore ($1.4 billion) in this venture to support its expansion goal. The purchase values the JV at ₹70,352 crore post-money, excluding synergies.
Nita Ambani will take over as Chairman of the joint venture, while Uday Shankar will provide strategic assistance. After the foregoing stages are completed, RIL will be in control of the joint venture and hold 16.34%, Viacom 18 will own 46.82%, and Disney will possess 36.84%, Reliance Industries added.
In August, Reliance Industries and Brookfield Asset Management signed a memorandum of understanding (MoU) to explore opportunities to manufacture renewable energy and decarbonization equipment in Australia.
“This strategic joint venture that will help us pool our extensive resources, creative prowess, and market insights to deliver unparalleled content at affordable prices to audiences across the nation,” said Mukesh D Ambani, Chairman of Reliance Industries.
Reliance Industries is a conglomerate business group, headquartered in Navi Mumbai, Maharashtra. The company is engaged in performing activities that cover hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail, and telecommunications.
Reliance is in initial talks with British fast fashion chain Primark to bring the label to India, a move that will pit it against Tata’s Zudio, UAE-based fashion chain Max and Shoppers Stop’s In Tune, reported The Economic Times on Wednesday.
At the time of conversion, $1=₹82.90
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