BERLIN — A year after selling its struggling U.K. web, Five, pan-European broadcaster RTL Group is consolidating its holdings in Europe and looking towards Asia for investment opportunities while making target acquisitions, in its effort to broaden and diversify its global content.

In the past two weeks, RTL — Europe’s biggest broadcasting company — won clearance from Indian regulators for an $18 million investment in a TV joint venture that will see the launch of two outlets plus a lucrative content deal.

In Croatia, it took full control of TV group RTL Hrvatska after purchasing the remaining 26% share it did not already own. It’s also taking over Dutch operation RTL Nederland by buying back more than 26% held by John de Mol’s Talpa Media Holding; and it acquired from Hungarian media company IKO Group 31% of RTL Klub, giving it a 98% share in the Hungarian channel, as well as 100% of a portfolio of seven cable channels.

RTL and Reliance will launch two English-language channels, one focused on reality formats, the other on action content targeted at male viewers. The deal provides a bonus for RTL’s production arm FremantleMedia, which will be the primary supplier of content for the reality channel.

RTL’s Indian venture is seen as a test of the waters in the burgeoning Asian market, while further helping Reliance beef up its portfolio of international content to better compete with Rupert Murdoch’s Star India and Zee Entertainment.

“This joint venture brings Europe’s leaders to India, and Reliance Broadcast Network is proud to be at the core of creating a revolution in the Indian English entertainment space,” says Reliance CEO Tarun Katial, who adds that RTL’s extensive library and lineage perfectly complement the partnership.

The channels are set to launch this year as part of pay TV packages on cable, satellite and Internet television. The pact is Reliance’s second international joint venture following last year’s agreement with CBS to launch three channels. RTL’s strategy reflects an eagerness at parent company Bertelsmann, Europe’s largest media conglom, to seek new markets in Asia.

Earlier this year, Bertelsmann CEO Hartmut Ostrowski named the nations the conglom targets as most fertile. “We will continue to advance into growth regions such as China and India and will build entirely new businesses,” Ostrowski said.

Andreas Rudas, RTL’s executive VP of regional operations and business development for Central and Eastern Europe, says that RTL particularly values the Indian’s market’s young population and potential for further growth.

On the European front, RTL last week agreed to buy from Croatian shareholders Atlantic and Agrokor the 26% of shares in RTL Hrvatska it didn’t already own, giving the Luxembourg-based conglom complete control of the broadcaster.

RTL Hrvatska’s main channel, RTL Televizija, which launched in 2003, was market leader in the key 18-49 demo last year, reporting an audience share of 24.5. It’s affiliate, RTL 2, went on air in January.

RTL’s recent investments follow last year’s sale of Five to Richard Desmond’s Northern and Shell for some $170 million.

The group also made a number of acquisitions last year to bolster FremantleMedia and diversify the company beyond TV content, according to RTL CEO Gerhard Zeiler.

Acquisitions included taking a 62.5% share in Radical Media, one of the leading U.S. TV commercial production companies and FremantleMedia’s first large-scale move into the branded entertainment market.

FremantleMedia also upped its stake in Montreal-based Ludia, a developer and publisher of interactive games, from 51% to 80%, and nabbed the remaining 25% in leading Danish producer Blu, giving it full ownership.