MUMBAI: A unit of India's Reliance Industries Ltd plans to invest more than 15 billion rupees ($282 million) in media group TV18's two main companies through proposed rights issues, the Economic Times reported.
The investment would help TV18 group firms Network18 Media and Investments and TV18 Broadcast Ltd cut debt and give Reliance access to content for its planned 4G broadband Internet venture, the report said, citing unnamed sources.
Network18 Media and Investments runs business news portal moneycontrol.com while TV18 Broadcast operates television channels including CNBC-TV18 and CNN-IBN.
The boards of both companies will meet later on Tuesday to discuss the rights issues, which would aim to raise up to 35 billion rupees, the newspaper said.
Reliance Industries and Network18 Media and Investments declined to comment, while officials from TV18 Broadcast were unavailable to comment.
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