Reliance Industries completed the acquisition of a 13% stake in Viacom18 from Paramount Global for $517m.

Reliance Industries, an Indian multinational conglomerate, completed the acquisition of a 13% stake in Viacom18, an Indian media company, from Paramount Global, an American multinational mass media and entertainment conglomerate, for $517m. The move follows Disney announcing plans to merge its India business with Viacom18 late last month. The two firms said their merger will create a joint venture that they value at $8.5bn.