MUMBAI, May 29 (Reuters) - India’s Reliance Industries Ltd said its board has approved funding of up to 40 billion rupees ($679 million) to acquire a controlling stake in media company Network18 Media and Investments Ltd.
The energy-focused conglomerate is to buy a stake of up to 78 percent in Network18, as well as a 9 percent stake in its subsidiary, TV18 Broadcast Ltd, it said in a statement.
Network18 runs the business news portal moneycontrol.com and subsidiary TV18 operates television channels including CNBC-TV18 and CNN-IBN.
Two years ago Reliance - controlled by billionaire Mukesh Ambani - invested an undisclosed amount in Network 18, marking its foray into the media sector.
$1 = 58.8750 Indian Rupees Reporting by Aman Shah; Editing by Pravin Char