Rel Cap snaps up 18pc in Bloomberg UTV

"The investment will form part of Reliance Capital's exposure to the fast growing and high potential media sector," the ADAG firm said in a statement on Wednesday. When contacted UTV officials declined to comment on the deal value. Reliance Capital has also investment in the Network18 Group (which operates CNBC, CNN-IBN, IBN7, Colors and Awaaz channels) and TV Today Network that operates the popular Aaj Tak and Headlines Today channels.

According to industry sources, Reliance Capital holds a 15 per cent stake in the Hindi news channel Aaj Tak. Bloomberg UTV is a strategic partnership between Bloomberg, which is a global leader in business information and the founders of UTV promoted by Ronnie Screwvala. The JV was formed in October 2009.

Upon completion of the deal, RelCap will be the second largest shareholder in the Bloomberg UTV channel after UTV founders' 67 per cent stake. Bloomberg will have 15 per cent equity in the channel. Shares of Reliance Capital today closed at Rs 757.55, higher by 2.82 per cent on the Bombay Stock Exchange.