Reliance Industries Ltd.

Competition Commission of India (CCI) has approved the merger of the media assets of Reliance Industries and Walt Disney Co to create the country’s largest media empire. The deal, announced six months ago, has been cleared by the CCI with certain modifications proposed by the two parties. However, the CCI did not disclose voluntary modifications in the original deal made by the two parties.

Under the deal, Reliance and its affiliates will hold a 63.16 per cent stake in the combined entity that will house two streaming services and 120 television channels. Walt Disney will hold the remaining 36.84 per cent stake.

Reliance Industries is India’s largest private sector company. The company’s activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and 4G digital services.