Reliance Industries nearing deal to buy Walt Disney’s India ops

Mumbai: Reliance Industries, controlled by Asia’s richest tycoon Mukesh Ambani, is nearing a cash and stock deal to buy Walt Disney Co.’s India operations, Bloomberg reported.

The US entertainment giant might sell a controlling stake in the Disney Star business, which it values at around $10 billion, as opposed to piecemeal transactions weighed earlier, Bloomberg reported.

Reliance views the assets at between $7 billion and $8 billion.

The acquisition could be announced as early as next month with some of Reliance’s media units merged into Disney Star, Bloomberg reported.

Under the proposal, Disney will likely continue to hold on to a minority stake in the Indian company after any cash and stock swap transaction is completed.

No final decision has been made on the deal or the valuation, and Disney could still decide to hold onto the assets for a bit longer, Bloomberg reported.