Reliance capital had bought 18% of the shares in the News channel from the promoters of Bloomberg UTV In an unrevealed deal. Their stake will now be 67%.
In 2009 October Bloomberg UTV picked up 15%of the shares of UTVi and as a result UTVi was rebranded as Bloomberg UTV. UTVi is broadcast by UTV News Ltd. The company is solely owned by Ronnie Screwvala who is also the chairman of and promoter of UTV Software Communications Ltd.
After the collaboration took place it signed a co-branding agreement with Bloomberg. Though the size of the deal remained undisclosed. On this issue R-Cap said that the investment would form part of the company's exposure to the fast growing media sector with a high potential.
R-Cap had a stake of 14.02 % in the TV Today Network Ltd as on 31st of March this year. They broadcast Aaj Tak and Headlines Today. It also has 18% stake in the Network 18 group which operates CNBC, CNN, TV18, IBN7, IBN, Colors and CNBC Awaaz channels. Bloomberg had applied for 15% stake in UTVi which still awaits its approval from the Foreign Investment Promotion Board.
RCap has interests in mutual funds and asset management. It also has its interest in the fields of Life and general insurance, industrial finance, consumer finance, stock broking,
Equity, proprietary investments exchanges, asset reconstruction, depository services, distribution of financial products, and other activities in financial services.
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