India Current Update

Reliance, led by Mukesh Ambani, inks a huge Rs 198000000000 contract to acquire the Indian Cricket Team

<p>The wealthiest person in India, with a net worth of over Rs 972906 crore, is Mukesh Ambani. With a market valuation of Rs 2021000 crore, Reliance Industries is the most valuable business in India, of which he is the chairman. In a number of market categories, Mukesh Ambani’s Reliance leads the way, and it seems like he will soon take over ownership of India’s biggest media conglomerate. Bloomberg reports that Walt Disney Co. and Mukesh Ambani’s Reliance have inked a legally binding agreement to combine their media businesses in India. Recall that Disney and Mukesh Ambani’s Viacom 18 reached an agreement to sell 60% of Disney’s India operations for a price of Rs 33,000 crore, as reported by Business Today. This indicates that Mukesh Ambani has inked a huge contract of more than Rs 19800 crore to acquire a 61% share in the main streaming partner of the Indian Cricket Team.</p>
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<p>Reliance Industries, owned by Mukesh Ambani, is allegedly aiming to invest Rs 12451 crore in the massive media company. Following the acquisition, Jio Cinema’s possible low-cost options may make it harder for Netflix and Amazon Prime to compete. In order to appeal to both telecom and OTT consumers, Jio may possibly provide inexpensive add-on deals with Jio recharge.</p>
<p>Jio Cinema was directly competing with Disney Plus Hotstar after acquiring the IPL rights in the past. Hotstar’s subscriber base noticeably decreased after its hosting of the FIFA World Cup and the Indian Premier League. Disney Hotstar, however, was able to get from Jio Cinema the rights to the Asia Cup and Cricket World Cup. Given that Mukesh Ambani’s firm is combining with Disney Hotstar, it is important to acknowledge the substantial losses that Jio Cinema has suffered in the competitive environment.</p>

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