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Independent Media Trust (IMT), of which Reliance Industries Limited (RIL) is the sole beneficiary, has completed the acquisition and control of Network 18 Media and Investments Limited (NW18), including its subsidiary TV18 Broadcast Limited (TV18), RIL informed.
Deepak S Parekh, chairman, Housing Development Finance Corporation (HDFC) and Adil Zainulbhai, senior advisor, McKinsey India, have been inducted as independent directors on the board of NW18. Raghav Bahl, founder of the media group, will continue to be on the board of NW18 as a non-executive director.
Apart from them, nominees of IMT have also joined the board.
With the completion of this transaction, IMT and RIL have become promoters of NW18 and TV18, RIL said. The open offers to the public shareholders for acquisition of equity shares of NW18, TV18 and Infomedia Press Ltd, as announced on May 29, are in process and the draft letter of offer has been filed with Sebi for its comments.
