Reliance Industries completes acquisition of Network18

08 Jul,2014

By A Correspondent

 

HDFC chairman Deepak S Parekh and McKinsey senior adviser Adil Zainulbhai have been inducted as Independent Directors on the board of NW18. Meanwhile, RIL also informed that Raghav Bahl will continue to be on the Board of NW18 as a Non-executive Director

 

Reliance Industries Limited (RIL) announced on Monday (July 7) that Independent Media Trust (IMT) of which RIL is the sole beneficiary, has completed the acquisition of control of Network 18 Media and Investments Limited (NW18) including its subsidiary TV18 Broadcast Limited (TV18).

 

Apart from nominees of IMT, HDFC chairman Deepak S Parekh and McKinsey senior adviser Adil Zainulbhai have been inducted as Independent Directors on the board of NW18. Meanwhile, RIL also informed that Raghav Bahl will continue to be on the Board of NW18 as a Non-executive Director.

 

With the completion of this transaction, IMT and RIL have become promoters of NW18 and TV18. The open offers to the public shareholders for acquisition of equity shares of NW18, TV18 and Infomedia Press Ltd. as announced on May 29, 2014 by IMT are in process and the Draft letter of offer has been filed with SEBI for its comments.

 

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