Reliance Capital Ltd (RCL) said it has agreed to buy an 18% interest in Bloomberg UTV for an undisclosed amount. The investment will form part of RCL's exposure to the media sector, including inter alia its existing investment in the Network 18 Group and TV Today Network.
Bloomberg UTV is a strategic partnership between US-based Bloomberg LP and India-based UTV. Upon receipt of necessary approvals presently underway, Bloomberg will own 15% of the company and the balance of 67% is controlled by the UTV founders.
On Thursday, RCL shares ended 0.9% up at Rs764 on the Bombay Stock Exchange, while the benchmark Sensex closed 0.9% up at 17,616 points.
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