New Delhi: Shares of Reliance Industries on Thursday climbed nearly 2 per cent after Walt Disney Co and the firm announced the signing of binding pacts to merge their media operations in India to create a Rs70,000 crore behemoth.
The stock of the country’s most valued firm in terms of market valuation climbed 1.68 per cent to Rs2,958 on the BSE. It gained 1.60 per cent to Rs2,957.95 on the NSE.
The company’s market valuation stood at Rs19,90,837.18 crore. Under the deal, coming just over a month after the failed $10 billion merger of rivals Zee and Sony, Reliance and its affiliates will hold 63.16 per cent in the combined entity that will house two streaming services and 120 television channels. Disney will hold the remaining 36.84 per cent, the companies said in a statement on Wednesday.
