Reliance Industries chairman Mukesh Ambani is one of the most successful businessmen in India and Asia. The 67-year-old has been expanding his business empire in several sectors. Now one more good news has come for the Indian billionaire. The Competition Commission of India (CCI) has approved the USD 8.5 billion (around Rs 71364 crore) merger of the media assets of Reliance Industries and Walt Disney Co to create the country's largest media empire.
The deal was announced six months ago. CCI has cleared it with certain modifications proposed by the two parties. In a post on X, the regulator said it has cleared the "proposed combination involving Reliance Industries Limited, Viacom18 Media Private Limited, Digital18 Media Limited, Star India Private Limited and Star Television Productions Limited, subject to the compliance of voluntary modifications".
The CCI, however, did not disclose voluntary modifications in the original deal made by the two parties. Under the deal, Reliance and its affiliates will hold a 63.16 per cent stake in the combined entity that will house two streaming services and 120 television channels. Walt Disney will hold the remaining 36.84 per cent stake.
READ | Meet woman who worked in Ratan Tata's company, started firm from her flat, has Rs 8395 crore net worth, she is...
