MUMBAI – Billionaire Mukesh Ambani-led Reliance Industries is holding talks with a host of media and entertainment firms, including Walt Disney’s Indian venture UTV Software, to acquire content for its upcoming telecom venture, sources said.
US-based Walt Disney holds over 50 percent stake in UTV Sofware Communications and currently it is in process of acquiring the full stake in the Indian firm.
Reliance Industries (RIL) is currently in discussion with a host of companies from India and abroad for sourcing content for its telecom operations and one of them include UTV Software, sources said.
RIL, India’s most valued private firm, has 95% stake in Infotel Broadband Services to mark its entry into the telecom sector. Infotel is the only company to have pan-India BWA (Broadband Wireless Access) licence.
A deal with Walt Disney would give RIL’s telecom venture access to a host of games, entertainment and other children-focussed content solutions.
Walt Disney has proposed to buy out all other promoter and public shareholders in UTV Software, which would be delisted from Indian stock market after the buy-out.
UTV shares today rose 1.03% to close at 953 at the BSE.
Shares of Reliance Industries today settled 3.30 percent higher at 827.90 on the BSE, its highest close since September 21, 2011. Surge in the bellwether stock was significant in helping the benchmark Sensex close with 2 percent gain at 16,557.23.
