Reliance Broadcast in JV with Luxembourg's RTL Group

Anil Ambani-led Reliance Broadcast Network has said it plans to enter into an agreement with the Luxembourg-based television and radio network, RTL Group, to operate and own a network of television channels in India.

"The company is proposing to enter into a joint venture (JV) with RTL Group to own and operate a portfolio of television channels," Reliance Broadcast Network said in a filing to the Bombay Stock Exchange (BSE).

The business of the JV will initially include content and services provision in relations to and owning and operating a bouquet of English, Hindi and other local language channels in the country, it said.

It further said the parties will also explore owning and operating Hindi and regional language channels in the future.

As currently proposed RTL and RBNL, or subsidiaries of such companies, would act as shareholders and shall have an equal equity interest in the JV, it added.

The scope of activity of this joint venture will be independent, non-conflict and non-compete with the existing JV which RBNL has with CBS Corp, USA.

Shares of RBNL rose by 3.63% to touch a high of Rs 79.80 in the morning trade on the BSE.