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Reliance Industries

Adani Group Surpasses Mukesh Ambani’s RIL in 2024 M&A Deal Value

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The Adani Group outpaced Mukesh Ambani-led Reliance Industries (RIL) in terms of merger and acquisition (M&A) deal value in 2024. The group secured deals worth $6.32 billion, significantly higher than Reliance Industries’ $3.14 billion, reaffirming its competitive edge in the M&A arena. This marks a reversal from 2023 when Reliance Industries led Indian conglomerates in M&A activity, with deals totaling $8.77 billion, while Adani Group’s deals amounted to just $1.73 billion. Despite the shifting dynamics, the Adani and Ambani groups continue to dominate the M&A landscape, regularly trading the top positions since the onset of the pandemic. Meanwhile, the JSW and Tata groups have also remained active in mergers and acquisitions, focusing on capacity expansion. The collective value of M&A deals by listed entities of India’s top five conglomerates accounted for 15.3% of the total deal value last year, reflecting their significant role in shaping the country’s corporate landscape. This trend highlights the intensifying competition between India’s top industrial giants as they strategically expand their influence through acquisitions. Source: business standard Photo Credit: business standard

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Reliance Acquires Oncology Platform Karkinos Healthcare for ₹375 Crore

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Reliance Industries Limited (RIL), led by billionaire Mukesh Ambani, has acquired Karkinos Healthcare Pvt Ltd, a technology-driven oncology platform, for ₹375 crore. The acquisition, conducted through Reliance Strategic Business Ventures Ltd (RSBVL), a wholly-owned subsidiary of RIL, was finalized with the allotment of 1 crore equity shares and 36.5 crore optionally fully convertible debentures, according to a stock exchange filing on Saturday. Founded on July 24, 2020, Karkinos Healthcare focuses on innovative solutions for the early detection, diagnosis, and management of cancer. The company recorded a turnover of ₹22 crore in FY 2022-23 and has collaborated with approximately 60 hospitals by December 2023. Karkinos also operates through a subsidiary to establish a 150-bed multispecialty cancer hospital in Imphal, Manipur. Prominent previous investors in Karkinos included Ewart Investments (a Tata Sons subsidiary), Reliance Digital Health, the US-based Mayo Clinic, and industry stalwarts like Sundar Raman and Ravi Kant. The company’s offerings span Advanced Cancer Care Diagnostics and Research (ACCDR), a Distributed Cancer Care Network (DCCN), and corporate tie-ups for early cancer diagnosis. The acquisition comes as part of Reliance’s strategic expansion into the healthcare sector. “The acquisition of Karkinos will help expand the health services business portfolio of the Reliance group,” the company stated. The National Company Law Tribunal (NCLT), Mumbai Bench, had approved the resolution plan for Karkinos under the Corporate Insolvency Resolution Process in December 2024, allowing Reliance to proceed without additional regulatory approvals. This move aligns with Reliance’s vision to integrate innovative, cost-effective healthcare solutions into its growing portfolio, positioning itself as a significant player in the Indian healthcare industry. Source: Economic Times Photo Credit: Economic Times  

Reliance Acquires Oncology Platform Karkinos Healthcare for ₹375 Crore Read More »

Flipkart Appoints Seema Nair as Chief Human Resources Officer Ahead of Festive Season Sales

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Walmart-owned Flipkart has appointed Seema Nair as its new Chief Human Resources Officer (CHRO), according to an internal email from Group CEO Kalyan Krishnamurthy. In her new role, Nair will oversee human resources functions across the company, working closely with leaders and HR teams to drive strategic initiatives. Nair joins Flipkart after more than six years at Reliance Industries, where she managed key group-level HR assignments, including HR digitisation and group HR office leadership. She brings extensive experience to the role, having previously served as CHRO for India and SAARC at Hindustan Coca-Cola Beverages and held senior HR roles at Cisco Systems. This leadership change comes at a significant time for Flipkart, just ahead of its annual festive season sales set to begin on September 27. The company has ramped up preparations by launching 11 new fulfilment centres across India, spanning over 1.3 million square feet, to meet the surge in demand. Flipkart has seen significant senior leadership changes in recent months. In February, four senior vice presidents, including heads from Cleartrip, marketplace categories, fintech, and growth, exited the company amid performance-based restructuring. Earlier in January, the company trimmed its workforce by 5-7%, impacting around 1,100-1,500 employees as part of cost management efforts. Seema Nair’s appointment signals Flipkart’s focus on bolstering its leadership team and enhancing its HR strategies as it prepares for one of the biggest retail periods of the year. Source: MNS.com

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Mukesh Ambani: Disney Deal Ushers in New Era for India’s Entertainment Industry

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Reliance Industries Chairman Mukesh Ambani hailed the merger of media assets between Reliance and Walt Disney as a transformative moment for India’s entertainment sector. Speaking at the Reliance AGM, Ambani emphasized that the partnership marks the start of a new era by blending content creation with digital streaming, much like Reliance’s success with Jio and Retail. The deal, approved by the Competition Commission of India (CCI), combines Reliance’s media holdings, including TV18 and the Colors brand, with Disney’s assets, creating India’s largest media empire valued at over Rs 70,000 crore. The joint venture will house two major OTT platforms, Disney Hotstar and Jio Cinema, along with 120 television channels. Ambani highlighted that the combined media business would be a crucial growth center for the Reliance ecosystem, promising to deliver world-class digital entertainment to cater to diverse consumer tastes at affordable prices. “Our digital-first approach will deliver unparalleled content,” he added, underlining the potential of this venture to redefine India’s media landscape. The merger will see Reliance and its affiliates hold a 63.16% stake in the combined entity, while Disney will hold the remaining 36.84%. Reliance has committed to investing nearly Rs 11,500 crore into the venture to enhance its competitive edge against rivals like Sony and Netflix. Nita Ambani, wife of Mukesh Ambani, will chair the new joint venture, with Uday Shankar serving as Vice Chairperson. The CCI’s clearance of the merger followed adjustments proposed by both parties to the original transaction structure. Source: Business Standard

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Sony Confirms Termination of $10 Billion Merger Deal with Zee Entertainment, Legal Battle Looms

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Sony Corporation officially announced on Monday the termination of its proposed $10 billion mega-merger deal with Zee Entertainment, marking the collapse of the ambitious alliance that aimed to create India’s largest entertainment company. The agreement was intended to provide substantial financial prowess, positioning the unified entity to compete with global streaming giants like Netflix Inc. and Amazon.com Inc., as well as local conglomerates such as Reliance Industries Ltd, currently exploring potential partnerships with Disney. The termination notice served by Sony brings an abrupt end to the negotiations, which had been anticipated as Sony Group Corp signaled its hesitancy to extend the discussions beyond the originally agreed-upon deadline. The termination follows a report on January 21 by ET (Economic Times) indicating that Sony was unlikely to prolong the good faith negotiations with Zee Entertainment Enterprises Ltd. (ZEEL). Zee Entertainment, in response to Sony’s move, expressed its intention to take legal action against the Japanese conglomerate, setting the stage for a potential legal battle between the two entities. The fallout from the failed merger deal adds a layer of complexity to the media landscape, with Zee Entertainment now reassessing its strategic options. In a prior development, Zee had requested Sony to extend the merger deadline from December 21, 2023, citing the need for more time. The merger deal, initially inked on December 22, 2021, faced hurdles and uncertainties, ultimately leading to its termination. The termination of the Sony-Zee merger deal raises questions about the future trajectory of both companies in the highly competitive Indian entertainment market. Industry observers are closely watching the aftermath of this high-profile breakdown and its potential implications for the broader media and entertainment landscape in India.

Sony Confirms Termination of $10 Billion Merger Deal with Zee Entertainment, Legal Battle Looms Read More »

Reliance Industries Nearing Multi-Billion Dollar Deal to Acquire Disney’s India Operations

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News on MEA

Reliance Industries Ltd., led by Mukesh Ambani, Asia’s wealthiest tycoon, is reportedly nearing a significant deal involving cash and stock to acquire Walt Disney Co.’s operations in India. This deal revolves around Disney’s controlling stake in the Disney Star business, valued at approximately $10 billion, offering an alternative to the previously considered piecemeal transactions. Reliance assesses the assets at around $7 billion to $8 billion. The formal announcement of this acquisition is expected as early as next month, and it may include the integration of some of Reliance’s media units into Disney Star, although specifics remain undisclosed. According to insiders, Disney is likely to retain a minority stake in the Indian company following the completion of the cash and stock exchange. It’s important to note that no final decision has been reached regarding the deal or its valuation. Disney might still choose to retain ownership of the assets for a bit longer. Both Disney and Reliance declined to comment on the ongoing discussions. This potential deal underscores Mukesh Ambani’s growing influence in India’s entertainment industry. In 2022, he secured the streaming rights for the Indian Premier League for $2.7 billion and subsequently offered free broadcasts of the popular domestic cricket tournament on the JioCinema platform. Furthermore, Reliance obtained a significant contract to broadcast HBO shows from Warner Bros Discovery Inc. in India, content that was previously held by Disney. Despite Disney Star’s challenges with declining subscriber numbers, the media group has been actively investing in the market. In the past, they explored various options for the business, including an outright sale or forming a joint venture. Interestingly, Disney’s Indian streaming platform recently achieved a milestone by attracting a record 43 million viewers for the 2023 Men’s Cricket World Cup match between India and New Zealand, surpassing the viewership of the highly anticipated India-Pakistan match earlier this month, which had 35 million viewers.

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Reliance Industries’ media business saw its biggest growth last year, says Mukesh Ambani at Reliance AGM 2022

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Mukesh Ambani, chairman and managing director of Reliance Industries, stated in his speech to the shareholders on Monday that the company’s media division, which includes Viacom18 and Network18, achieved its highest growth last year as a consequence of strong engagement that led to record subscriptions and advertising revenues. “Our national channels CNN, News18, CNBC TV18, and News 18 India are consistently ranked number one. Moneycontrol is amongst the world’s most popular subscription products. Our news brands are innovating with storytelling methods across platforms building deeper relationships with audiences wherever they are and whatever device they use,” he added at the 45th annual general meeting (AGM) of Reliance Industries. The chairman also mentioned how Viacom18, the company’s entertainment division, strengthened its position as a market leader by forging a path into sports and winning the digital rights to the Indian Premier League (IPL) for a period of five years. “Along with key sporting rights in football, badminton, basketball, tennis and now cricket, Viacom18 is also investing in movie rights and original content for OTT. In news, entertainment and sports, digital is core and fast growing theme as we prepare to embrace the 5G revolution,” Ambani said.  He continued by saying that the collaboration with Bodhi Tree, James Murdoch, Uday Shankar, and Paramount Global will give Viacom18 access to more talent and help it become a world-class media and entertainment business. Ambani also praised the Reliance Retail leadership team at the AGM for attaining a turnover of Rs 2 lakh crore and earnings before interest, taxes, and depreciation (EBIDTA) of Rs 12,000 crore. He said, “Today, Reliance Retail is among the top ten retailers in Asia.” Isha Ambani, director of Reliance Retail, has stated that the company will begin selling FMCG products this year. She remarked in her speech to the Reliance Industries AGM, “The objective of this business will be to develop and deliver products and solve every Indian’s daily needs, with high quality products at affordable pricing,”

Reliance Industries’ media business saw its biggest growth last year, says Mukesh Ambani at Reliance AGM 2022 Read More »