Mukesh Ambani eyes stake in Network18

Reliance Industries Chairman and Managing Director Mukesh Ambani is reportedly in talks over the possible purchase of a stake in television and Internet conglomerate Network18.

Ambani, India's wealthiest man, has been in deal talks with Network18 founder and controlling shareholder Raghav Bahl, people familiar with the situation have revealed.

Bahl's portfolio includes partnerships that run India's versions of CNBC, MTV, Nickelodeon and CNN, as well as a top-rated Hindi entertainment channel and some of the country's largest e-commerce sites.

It is, however, unclear what the value of Ambani's investment would be and whether he is operating on behalf of Reliance Industries or whether he would put his own cash into a deal.

According to the Wall Street Journal, a person familiar with the situation said an option being explored is for Ambani to take a minority stake in Network18 and then eventually combine Network18 with Eenadu TV, a regional television broadcaster in which he already has a large investment.

Meanwhile, both Reliance Industries and Network18 have declined to comment on the matter.