Zee-Invesco differences led to deal’s collapse: RIL

Reliance Industries Ltd on Wednesday said differences between Zee Entertainment Enterprises Ltd’s managing director Punit Goenka and Invesco, the company’s single-largest shareholder, over how the Goenka family would raise its stake in the broadcaster led to a collapse in merger talks with RIL’s media properties.

Mukesh Ambani-led RIL proposed to merge its media properties with Zee in February after Invesco helped arrange discussions between Goenka and RIL’s representatives, the company said in a statement on Wednesday evening, adding that it regretted being dragged into a dispute between Zee and the US investment firm.