Reliance Industries, Disney sign non-binding term for mega-merger: Report

Bengaluru: Reliance Industries , India’s most valuable company, and Walt Disney signed a non-binding term sheet to merge their Indian media operations, the Economic Times reported on Monday, citing sources it did not name.

Under the merger Reliance would own 51 per cent through a combination of shares and cash, with Disney holding the remaining 49 per cent, giving more control to Indian billionaire Mukesh Ambani’s Reliance group, the newspaper said.

The deal is likely to be completed by February, with Reliance aiming to finish the process by the end of January, subject to regulatory approvals, it said.