Indian conglom to acquire an 18% stake
Reliance Capital, part of Indian billionaire Anil Ambani’s conglom, is acquiring an 18% stake in business channel Bloomberg UTV.Financial details of the deal were not revealed. Bloomberg UTV is a partnership between business information player Bloomberg and the founders of Indian media group UTV. The company said in a statement: “The investment will form part of Reliance Capital’s exposure to the fast-growing and high-potential media sector.” When the deal is completed, Reliance will be the second largest stakeholder in the channel. UTV founder Ronnie Screwvala and his associates own 67% and Bloomberg 15%.