Reliance Industries Limited (RIL) has announced that Independent Media Trust (IMT) of which RIL is the sole beneficiary, has completed the acquisition of control of Network 18 Media and Investments Limited (NW18) including its subsidiary TV18 Broadcast Limited (TV18).
Apart from nominees of IMT, Shri Deepak S Parekh and Shri Adil Zainulbhai have been inducted, as Independent Directors on the board of NW18. Mr. Raghav Bahl will continue to be on the Board of NW18 as a Non-executive Director, an RIL press release said.
With the completion of this transaction, IMT and RIL have become promoters of NW18 and TV18. The open offers to the public shareholders for acquisition of equity shares of NW18, TV18 and Infomedia Press Ltd. as announced on May 29, 2014 by IMT are in process and the Draft letter of offer has been filed with SEBI for its comments, the release further said.
Reliance now has ownership of television channels CNBC-TV18, CNN-IBN, IBN7; websites Moneycontrol.com, ibnlive.com, firstpost.com; print magazines Forbes India, Overdrive among various other media and non-media businesses. In early 2012, RIL had bought debentures in Network18۪s promoter group companies, convertible into shares at any time within 10 years, infusing much needed cash into the company.