Reliance Broadcast Network Ltd and European Entertainment Network RTL Group will invest nearly Rs 160 crore through their joint venture launching TV channels in India. Already, the Foreign Investment Promotion Board (FIPB) has approved a proposal by Big Showbiz Broadcast, RBNL’s subsidiary, to induct foreign equity of Rs 79.14 crore. In May, the Anil Ambani-led Reliance group firm, RBNL, through Big Showbiz Broadcast had announced a 50:50 joint venture with the RTL Group to launch television channels in India.
The joint venture plans to leverage RTL Group’s production arm — Fremantle — to deliver global entertainment formats — aimed at the international entertainment seeking, discerning Indian audience. This joint venture marks RTL Group’s entry into Asian television market and RBNL’s second international tie-up, after its joint venture with America’s CBS Studios International. With a market cap of $15.5 billion, RTL Group operates over 40 channels and 31 radio stations spread across 10 countries.
