Reliance-Disney JV gets fresh Rs 123 crore capital infusion as losses narrow

Walt Disney has infused Rs 123 crore into JioStar India through a fresh foreign direct investment (FDI), marking another capital injection into the Reliance-Disney media joint venture as the company continues to consolidate operations following the merger of Star India and Reliance's media assets.

According to data released by the Department for Promotion of Industry and Internal Trade (DPIIT), Star Group Limited, a Walt Disney-owned entity invested Rs 123 crore in JioStar India—formerly Star India—under the Reserve Bank of India's automatic route during the January-March quarter of FY25.

The investment comes after substantially larger capital infusions by Disney during the financial year. In the first quarter of FY25, the media giant invested Rs 2,839 crore in the company through Star US Holdings Subsidiary LLC, followed by another Rs 1,008 crore in the third quarter. Together with the latest investment, Disney's cumulative investment in JioStar India during FY25 stands at Rs 3,970 crore.

The earlier investments were among the largest foreign capital inflows into India's information and broadcasting sector during their respective quarters, underlining Disney's continued financial commitment to its India business despite the restructuring of its media operations.

JioStar India operates as a joint venture between Reliance Industries Ltd (RIL), Walt Disney and Bodhi Tree Systems. Reliance is the majority shareholder with a 56% stake, while Disney owns 37% and Bodhi Tree Systems holds the remaining 7%.

The latest capital infusion comes at a time when the joint venture's financial performance has shown signs of improvement. Disney recently reported that its share of losses from the India joint venture narrowed to $64 million for the quarter ended March 28, compared with $103 million in the corresponding period a year earlier. For the six-month period, Disney's equity losses declined to $92 million from $136 million a year ago, reflecting improved operating performance following the integration of the businesses.

The merger has brought together some of India's largest television networks, streaming platforms and sports broadcasting rights under a single entity, creating one of the country's biggest media and entertainment companies.

According to DPIIT data, the information and broadcasting sector received total FDI inflows worth Rs 1,213 crore during the January-March quarter.
Apart from Disney's investment, the quarter also witnessed a significant foreign investment in Zee Entertainment Enterprises Ltd. The DPIIT approved an FDI proposal worth Rs 418 crore by OFI Global China Fund LLC, an investment fund owned by Invesco, into the broadcaster.

The latest inflows indicate sustained foreign investor interest in India's media and entertainment sector, even as companies continue to invest in content, digital platforms and sports rights amid an increasingly competitive streaming and broadcasting landscape.