India's Reliance to buy controlling stake in media firm Network18

TV18 Broadcast

29/05/2014 15:51

MUMBAI, May 29 (Reuters) - India's Reliance Industries Ltd RELI.NS  said its board has approved funding of up to 40 billion rupees ($679 million) to acquire a controlling stake in media company Network18 Media and Investments Ltd  NEFI.NS .  The energy-focused conglomerate is to buy a stake of up to 78 percent in Network18, as well as a 9 percent stake in its subsidiary, TV18 Broadcast Ltd  TVEB.NS , it said in a statement.     Network18 runs the business news portal moneycontrol.com and subsidiary TV18 operates television channels including CNBC-TV18 and CNN-IBN. Two years ago Reliance - controlled by billionaire Mukesh Ambani - invested an undisclosed amount in Network 18, marking its foray into the media sector.  ($1 = 58.8750 Indian Rupees) (Reporting by Aman Shah; Editing by Pravin Char) ((aman.shah@thomsonreuters.com)(+91 22 6180 7029)(Reuters Messaging: aman.shah.thomsonreuters.com@reuters.net)) Keywords: RELIANCE INDU NETWORK MEDIA