The merger between Reliance Industries and Walt Disney‘s Indian operations is anticipated to be completed in the third quarter of this fiscal year, as noted in a recent regulatory announcement from the Mukesh Ambani-led conglomerate.
The Competition Commission of India (CCI) has already granted its approval for the consolidation of Viacom18 and Star India, with the National Company Law Tribunal (NCLT) also having sanctioned the relevant scheme.
In the company’s statement, it was highlighted that they are in the process of acquiring additional necessary approvals to finalize the transaction, which is expected to close in Q3 of FY 2025.
As part of the agreement, Reliance Industries (RIL) and its affiliates will possess a 63.16% share in the newly formed entity, which will encompass two streaming services and a total of 120 television channels. Meanwhile, Walt Disney will hold a 36.84% stake, positioning this merger as the largest media company in India. Nita Ambani, the wife of RIL Chairman Mukesh Ambani, will take on the role of chairperson for the joint venture, with Uday Shankar acting as vice-chairperson.