Mukesh Ambani’s Reliance makes a big Rs 4286 crore purchase, he is now owner of…

Mukesh Ambani led India’s most valuable company Reliance Industries has made a new Rs 42860000000 purchase. Mukesh Ambani’s Reliance Industries has signed a binding agreement to acquire 13.01% stake of Paramount Global in Viacom18. Reliance Industries is the most valuable company in India. Led by India’s richest man with a net worth of Rs 934421 crore, Reliance Industries has a market cap of Rs 1939000 crore. Mukesh Ambani’s firm is involved in a wide range of businesses including media and entertainment. The new deal with Paramount global is the second major media deal announced by Reliance this year so far. For those who are unaware, Paramount Global is a massive media conglomerate and popular channels including MTV, Nickelodeon, Comedy Central and others are owned by the media giant.

Paramount Global has a minority stake in Viacom 18 which is a subsidiary of TV18 Broadcast Ltd. As Mukesh Ambani has bought 13.01% from Paramount, he will now own a 70.49% equity stake in Viacom 18. A previous report by Bloomberg suggested that Paramount Global may use the money toward debt reduction. Paramount’s stake in Viacom18 recently shrunk after Reliance and Disney signed a binding agreement last month to merge their Indian media operation.

Reliance’s investment in Viacom18 has already helped him to make a shift from fossil fuels-led conglomerate toward consumer-facing and technology-led business. Mukesh Ambani’s Reliance recently signed a massive deal with Disney India to create a Rs 70000 crore behemoth.