Reliance Industries Ltd.

Reliance Industries (RIL) has entered into agreement with Saavn Media with subscription of 69,787 equity shares for cash aggregating of Rs 8,058,450,000 resulting in 41.1% equity stake.

RIL has also entered into an agreement to transfer the music streaming business of RIL’s JioMusic, to Saavn India. With this RIL has an effective equity stake of 81.7% in Saavn India.

RIL is India’s largest private sector company. The company’s activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and 4G digital services.