In a major development, Reliance Industries Ltd (RIL), has acquired a near 25% (24.92% precise) stake in film and television production house Balaji Telefilms Ltd in a deal worth Rs 413.28 crore.
RIL will buy 25.2 million equity shares of Balaji at Rs164 each, subject to shareholder and other approvals.
“This investment in content production (including digital content) is in line with RIL’s commitment to invest and grow in telecom, digital and media businesses,” RIL said in a statement circulated in the media.
Balaji Telefilms is a content producer operating across television, films and digital platforms. “The investment by RIL would be utilized to further speed up content development initiatives, especially for ALT, thereby providing it with a strong ability to compete with other OTT (over-the-top) service providers—both global and Indian,” Balaji Telefilms said in a statement.
Market experts feel this deal will boost Balaji’s plans in the digital video space.
16 Feb 2019 07:30:31
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