RIL to invest over Rs1500 cr in TV18 Group: report
03 Jan 2012
A unit of Reliance Industries Ltd plans to invest more than Rs1,500 crore in media group TV18's two main companies through proposed rights issues.
The Economic Times reported the investment would help TV18 group firms Network18 Media and Investments and TV18 Broadcast Ltd cut debt and give Reliance access to content for its planned 4G broadband Internet venture, the report said, citing unnamed sources.
Network18 Media and Investments runs business news portal moneycontrol.com while TV18 Broadcast operates television channels including CNBC-TV18 and CNN-IBN.
The boards of both companies will meet later on Tuesday to discuss the rights issues, which would aim to raise up to Rs3,500 crore, the newspaper said.
None of the entities involved was willing to comment officially on the development.
The money from RIL will help Raghav Bahl, the promoter of the TV18 Group, subscribe to the rights issues of both the listed companies, Network18 and TV18. The boards of TV18 Broadcast and Network18 Media will meet today to discuss plans for a rights issue.