Mumbai, Feb. 28 -- Reliance Industries, led by Mukesh Ambani, and Walt Disney announced on Wednesday the finalisation of binding agreements to establish a joint venture merging the operations of Viacom18 and Star India, media reports said.

Reliance Industries will inject Rs 11,500 crore into the joint venture for its expansion.

Under the arrangement, Viacom18s media business will be integrated into Star India Pvt Ltd through a court-approved scheme.

The valuation of the joint venture stands at Rs 70,352 crore ($8.5 billion) post-transaction, excluding synergies. Following the outlined steps, Reliance Industries will hold controlling interest, owning 16.34%, while Viacom18 and Disney will own 46.82% and 36.84%, respectively.

Nita Amban...