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India's Zee to buy TV channels, radio stake from Anil Ambani's Reliance

November 23, 2016 at 08:16 am EST

MUMBAI (Reuters) - India's Zee media group has agreed to buy television channels and a stake in a radio broadcasting business from billionaire Anil Ambani's Reliance Group in a move that would help the latter cut its debt by about 19 billion rupees ($277 million), the two sides said on Wednesday.

Zee Media Corp Ltd (>> Zee Media Corporation Ltd) will initially buy a 49 percent stake in Reliance Group's FM radio business that operates stations in 45 cities and has rights to frequencies for 14 new channels, the two sides said in a joint statement.

Both companies will have a call/put option for the remaining 51 percent stake after a stipulated lock-in period, they said.

In a separate deal, Zee Entertainment Enterprises Ltd (>> Zee Entertainment Enterprises Limited) will buy two general entertainment channels and four licences to run TV channels from the Reliance Group.

Reliance Capital Ltd (>> Reliance Capital Limited), which owns the radio and television businesses, will use the proceeds to cut its debt, according to the statement.

($1 = 68.6905 Indian rupees)

(Reporting by Sankalp Phartiyal; Editing by Subhranshu Sahu)

Stocks treated in this article : Zee Entertainment Enterprises Limited, Reliance Capital Limited, Zee Media Corporation Ltd

Stocks mentioned in the article

	Add to a list Add to a list 0 selected To use this feature you must be a member Log in Sign up	Price	Change	5d. change	Capi.
	CAPITAL LIMITED	95 GBX	-0.42%	+5.56%	233M
	LINE CORPORATION	5,350 JPY	-.--%	-0.19%	12.52B

Anil Dhirubhai Ambani

Mr. Anil Dhirubhai Ambani is a Chairman at Reliance Power Ltd., a Chairman at Reliance Communications Ltd., a Chairman at Reliance Gateway Net Ltd., a Chairman at Reliance Capital Ltd., a Chairman at Reliance Infrastructure Ltd., a Chairman & Chief Executive Officer at Reliance Anil Dhirubhai Ambani Group Ltd., a Chairman at Reliance Asset Reconstruction Co. Ltd., a Chairman at Reliance Capital Ventures Ltd., a Chairman at Reliance Energy Trading Ltd., a Chairman at Reliance Infocomm Ltd., a Member at Indo-Canada Ceo Forum, a Member at Indo-French CEO Forum, a Member at New York University, a Member-Executive Board at Indian School of Business, a Member-Overseers Board at The Wharton School of the University of Pennsylvania and a President at Dhirubhai Ambani Institute of Information & Communication. He is on the Board of Directors at Reliance Defence Systems Pvt Ltd., Reliance Defence Technologies Pvt Ltd., Indian Institute of Management and Indian Institute of Technology Kanpur. Mr. Ambani was previously employed as a Chairman by Reliance Naval & Engineering Ltd., a Co-Founder by Amblin Partners, a Member by Rajya Sabha, a Co-Founder by Kokilaben Dhirubhai Ambani Hospital & Medical Research Ins, a Chairman by RCCPL Pvt Ltd., a Chairman by Reliance Energy Ventures Ltd., a Vice Chairman & Managing Director by Reliance Industries Ltd., a Chairman by Reliance Natural Resources Ltd., a Chairman by Reliance Telecom Ltd., and a Member by US India CEO Forum. He also served on the board at Reliance Defence Ltd. and Reliance Infratel Ltd. He received his undergraduate degree from the University of Mumbai, an undergraduate degree from Kishinchand Chellaram College of Arts Science & Commerce and an MBA from The Wharton School of the University of Pennsylvania.

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Linked companies
Reliance Gateway Net Ltd. Reliance Gateway Net Ltd. Specialty TelecommunicationsCommunications Part of Reliance Communications Ltd., Reliance Gateway Net Ltd. is a telecommunications company based in Mumbai, India. The Indian company provides telecommunications services. The private company was founded by Anil Dhirubhai Ambani. The CEO is Amitabh Thakore P. Jhunjhunwala.	Founder
RELIANCE COMMUNICATIONS LIMITED	Chairman