Reliance has agreed to invest around ₹11,500 crore in the joint venture to grow the OTT business.
| Photo Credit: Reuters

Walt Disney Co and Reliance Industries on February 28 announced signing of binding pacts to merge their media operations in India to create a ₹70,000 crore behemoth.

Reliance and its affiliates will hold 63.16% in the combined entity while Disney will hold the remaining 36.84%, the companies said in a statement.

Reliance has also agreed to invest around ₹11,500 crore in the joint venture to grow the OTT business.

Nita Ambani, wife of Reliance Industries chairman Mukesh Ambani, will head the joint venture while Uday Shankar will be the vice chairperson.