Reliance Industries seeks CCI approval for Viacom18-Star India merger
The HinduBillionaire Mukesh Ambani-promoted Reliance Industries has sought approval from fair trade regulator Competition Commission of India for the $8.5-billion merger of Viacom18 and Star India Pvt Ltd. "The proposed transaction aims to combine the entertainment businesses of Viacom18, part of Reliance Industries Ltd group and SIPL, wholly-owned by The Walt Disney Company. "As a result of the transaction, SIPL, currently a wholly-owned entity of TWDC through its subsidiaries, will become a joint venture which will be jointly held by RIL, Viacom18 and existing TWDC subsidiaries," a notice filed with the CCI said on Friday. In February this year, global media giant Walt Disney Co and Reliance Industries announced signing of binding pacts to merge their media operations in India to create a ₹70,000 crore behemoth. Nita Ambani, wife of Reliance Industries Chairman Mukesh Ambani, will chair the joint venture, while Uday Shankar will be the Vice Chairperson.