Reliance Industries Ltd. (RIL)’s Shinano Retail Pvt. Ltd. (Shinano) is to sell 50% of its stake in Prism TV Pvt. Ltd. to Viacom’s Nickelodeon Asia Holdings Pte. Ltd. (Nick Asia) incorporated in Singapore for Rs.940.50 crore. The government has given the approval for the foreign direct investment (FDI) based on the recommendations of the Foreign Investment Promotion Board (FIPB).
The government has approved FDI proposal for Nick Asia to acquire 50% equity interest in RIL’s Prism TV along with 9 other proposals of the FIPB which had amounted in total to Rs.1,675.15 crore approximately. This deal will bolster RIL’s relationship further with Viacom for which it already has a 50:50 Joint Venture under Viacom18 in India.
Nickelodeon’s expertise in the entertainment channels is expected to help Prism TV. Currently Prism TV channels have already seen the rebranding process to Colors from ETV. It operates Colors Bangla, Colors Marathi, Colors Kannada, Colors Gujarati and Colors Odia.