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Reliance Capital to buy 18 pc stake in Bloomberg UTV
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SME Times News Bureau | 17 Jun, 2010
Reliance Capital, part of the Anil Dhirubhai Ambani Group, has said it will acquire an 18 percent interest in business channel Bloomberg UTV.
''The investment will form part of Reliance Capital's exposure to the fast growing and high potential in the Indian media sector,'' the company said in a statement.
After the transfer of stake, Bloomberg will own 15 percent in the company and the balance 67 percent will be controlled by the UTV founders, led by Ronnie Screwvala.
Formed in October 2009, Bloomberg UTV is a major contender in India's media space, seeking to present business news in a refreshingly different and clear perspective.
It claims a clear Number Two position in India's top eight metros.
Reliance Capital already has a stake in the Network 18 Group that runs CNBC, CNN-IBN, IBN 7, Colors and Awaaz channels.
It also holds a stake in the TV Today network, which operates Aaj Tak and Headlines Today news channels.
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