Talks are on for Reliance Industries (RIL), led by Mukesh Ambani, to purchase a 29.8% share in Tata Play, the Walt Disney Company-owned satellite TV and streaming service. According to a report by Business Standard, if this proposal is approved, it would represent a huge expansion for RIL into the television distribution industry, potentially resulting in the creation of a major media behemoth in India.
Tata Play is currently owned by the Tata group's holding company, Tata Sons, with fifty-two percent of the shares. The report also stated that Temasek, an investment corporation based in Singapore, and Disney jointly own the remaining shares.
This news coincides with broader discussions about a combination between Disney and Reliance, which seek to establish a massive media company. It is possible that Viacom18 will hold the largest portion of the new company, although there are rumours that Reliance may contribute $1.5 billion to acquire a 60% share, with Disney holding the remaining 40%.
Meanwhile, in intraday trading on the BSE on Tuesday, February 13, the share price of Reliance Industries (RIL) increased by about 2% to reach a new all-time high of ₹2,957.80. The stock price surge was so significant that it drove the company's market value to nearly ₹20 lakh crore for the first time. When it comes to market capitalization, RIL is the most valuable corporation in India.
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