Reliance, which holds a surplus cash is looking forward to diversify growth has found its destination at Network18 which has a debt of Rs 1,430 crore, so the investment will proved to be a fruitful for both the organizations.
According to news reports, Reliance is planning to make an investment of about 15 billion rupees in Network18 group and the Eenadu TV, which is owned by Hyderabad based Ramoji Rao.
Network18 runs news portal Moneycontrol.com and TV18 Broadcast Ltd, which operates number of news channel like CNBC-TV18, CNBC Awaaz, CNN-IBN and IBN7, and it also owns 50% stake in Viacom18 which runs Hindi general entertainment channel Colors and children’s channel Nickelodeon.
The money invested from RIL will help Raghav Bahl, the promoter of the TV18 Group. They are planning to raise Rs 3,500 crore through rights issue.
RIL sources said to ET that they had invested Rs 2,600 crore in Eenadu Group through a subsidiary giving it ownership of all businesses apart from its Telugu channel, in which it owns 49%.
Both the companies are meeting up today for further discussion.