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Reliances Industries to acquire Network 18
2014-05-30 16:30:00| Telecompaper Headlines
(Telecompaper) Indian holding company Reliance Industries has approved the acquisition of a controlling stake in Indian broadcaster Network 18 Media & Investments Limited and its subsidiary TV18 Broadcast Limited. Reliance plans to invest INR 40 billion through its subsidiary Independent Media Trust (IMT) to acquire 78 percent stake in Network18 and 9 percent in TV18. IMT said that it would be making open offers to public shareholders for the acquisition of equity shares of Network 18, TV18 and Infomedia Press Limited. With the acquisition, Reliance will add digital internet properties, e-commerce sites and a wide range of TV channels. Reliance Industries' telecommunications business unit Reliance Jio Infocomm expects to roll out 4G services in India during 2014.
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Category:Telecommunications