Rel Cap to buy 18% interest in Bloomberg UTV
Reliance Capital, a part of the Anil Dhirubhai Ambani Group (ADAG), has agreed to buy an 18% interest in India???s fastest growing business news channel — Bloomberg UTV — for an undisclosed amount. This acquisition will form part of the company’s exposure to the fast growing and high potential media sector.
Bloomberg UTV is a strategic partnership between Bloomberg L.P. and the founders of UTV. Following this deal, Bloomberg L.P. will hold 15% of the company while the balance 67% will be controlled by the UTV founders.
Formed in October 2009, Bloomberg UTV is witnessing a dramatic rise in popularity, currently occupying the clear no. 2 position in its category in India???s top 8 metros.
Reliance Capital has interests in asset management and mutual funds; life and general insurance; private equity and proprietary investments; stock broking; depository services; distribution of financial products; consumer finance; and other activities in financial services.
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