A man walks past a Reliance Industries Limited signboard in Gandhinagar.
| Photo Credit: REUTERS

The Reliance Industries Ltd. on Thursday, March 14, 2024, informed stock exchanges that it had agreed to acquire 13.01% equity stake (on a fully diluted basis) of Viacom 18 Media Private Ltd. from two subsidiaries of Paramount Global for an aggregate consideration of ₹4,286 crore.

Viacom18 is a material subsidiary of TV18 Broadcast Ltd. and RIL currently holds Compulsorily Convertible Preference Shares of Viacom18 representing 57.48%equity stake (on a fully diluted basis).

Post the completion of this transaction, RIL’s stake in Viacom18 will increase to 70.49% (on a fully diluted basis), it said in the filing.

The transaction is aimed at facilitating RIL’s merger of its media businesses with that of Walt Disney’s in India.

Reliance Industries chairman Mukesh Ambani Chairman poses with (from 2nd R to L) wife Nita Ambani, children Isha Ambani, Anant Ambani, and Akash Ambani. File
| Photo Credit: Reuters

The Board of Directors of Reliance Industries Limited (RIL), at its meeting held on August 28 on the recommendation of the Human Resources, Nomination and Remuneration Committee, considered and recommended to the shareholders for approval of appointment of Isha Ambani, Akash Ambani and Anant Ambani as Non-Executive Directors of the Company. 

“Their appointment will take effect from the date they assume office after approval by the shareholders,” RIL said in a statement.

The Board of Directors also accepted the resignation of Nita Ambani from the Board respecting her decision “to devote her energies and time to guide and enable Reliance Foundation (RF) to make even greater impact for India.”

“The Board of Directors appreciated Nita Ambani for her leadership of Reliance Foundation as its Founder Chairperson. Over the years, RF has made considerable progress in its mission of nurturing and empowering marginalised and under-resourced communities in India,” the statement said. 

“They lauded Nita Ambani’s request to focus even more on strengthening Reliance Foundation as it embarks on a mission to achieve even greater societal transformation by undertaking a host of new programmes and initiatives,” the statement added.

“As the Chairperson of Reliance Foundation, Nita Ambani will attend all the RIL Board meetings as a permanent invitee to the Board so that the Company can continue to benefit from her advice,” the statement further said.

The company said that Isha Ambani, Akash Ambani and Anant Ambani have been closely involved with and are leading and managing key businesses of RIL over the last few years including retail, digital services and energy and materials businesses. “They also serve on the boards of the key subsidiaries of RIL.“

“Their appointment to the Board of RIL will enable RIL to gain from their insights and infuse new ideas, the Board opined,” RIL said.