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Reliance Broadcast Network Ltd and European Entertainment Network RTL Group will invest nearly Rs 160 crore through their joint venture launching TV channels in India.
Already, the Foreign Investment Promotion Board (FIPB) has approved a proposal by Big Showbiz Broadcast, RBNL’s subsidiary, to induct foreign equity of Rs 79.14 crore.
In May, the Anil Ambani-led Reliance group firm, RBNL, through Big Showbiz Broadcast had announced a 50:50 joint venture with the RTL Group to launch television channels in India.
“The joint venture company proposes to launch two thematic television channels in India. The channels are scheduled to be launched by the end of this fiscal where both partners will invest in equal amount,” RBNL said in a statement today.
With the RTL Group infusing Rs 79.14 crore, it is estimated that the overall investment by the two partners in their joint venture will be Rs 158.28 crore.
The joint venture plans to leverage RTL Group’s production arm — Fremantle — to deliver global entertainment formats — aimed at the international entertainment seeking, discerning Indian audience, the statement said.
This joint venture marks RTL Group’s entry into Asian television market and RBNL’s second international tie-up, after its joint venture with America’s CBS Studios International.
With a market cap of $15.5 billion, RTL Group operates over 40 channels and 31 radio stations spread across 10 countries.
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