Mumbai – The Board of Reliance Industries Limited (RIL) approved funding of up to Rs 4,000 crore to Independent Media Trust (IMT) on May 29, of which RIL is the sole beneficiary, for acquisition of control in Network 18 Media & Investments Limited (NW18) including its subsidiary TV18 Broadcast Limited (TV18) and the Open Offers to be made consequent to the acquisition.

NW18 is the owner of a suite of premier digital internet properties, e-commerce businesses and differentiated broadcast content.

IMT would use the funds to acquire control over NW18 and TV18 resulting in ownership of about 78% in NW18 and 9% in TV18 and to acquire shares tendered in the Open Offers.