'Dawn of a New Era': Mukesh Ambani Welcomes Disney at RIL AGM 2024,'Similar to Jio's impact on retail, our expansion...'

Reliance Industries (RIL) Chairman Mukesh Ambani welcomed Disney into the business family and spotlighted this entrance as the beginning of a new epoch in India's entertainment industry, the administrative said at the company's annual general meeting (AMG) on Thursday, August 29.

“This marks the beginning of a new era in India's entertainment industry. We are combining content creation with digital streaming,” said the Reliance Head in the AGM on Thursday.

Reliance Industries shares closed 1.51% higher at ₹3,040.85 after Thursday's trading discussion, up from ₹2,995.75 in the previous session. This increase assisted drive domestic registers to new highs on Thursday.

Ambani also emphasized the company’s digital-first strategy, which integrates content creation and digital streaming to offer consumers "exceptional content at affordable prices."

“Our digital-first approach will deliver unparalleled content at affordable prices,” said Ambani while addressing the shareholders in the meeting.

The merged entity aims to deliver the consumers with everything they are looking for, providing world-class digital entertainment to every user.

“We will cater to every consumer's taste. We will provide world-class digital entertainment across the spectrum,” said the Chairman.

Mukesh Ambani spotlighted the $8.5 billion merger with Disney during the annual general meeting, using the occasion to welcome the global giant into the Reliance business family. The Chairman also mentioned the new deal with Jio in the company's retail sector. The media giant aims to leverage this new partnership to significantly enhance the media business and drive growth within the conglomerate’s ecosystem.

“We are excited about this partnership. I warmly welcome Disney to the Reliance family. Just like Jio in retail, our expanded media business will be an invaluable growth center in the Reliance ecosystem,” Ambani told the company's shareholders.

On Wednesday, August 28, India's antitrust regulator, the Competition Commission of India (CCI), accepted the $8.5 billion affiliation involving Disney Star, the local division of The Walt Disney Company. This approval clears the path for the largest deal in the entertainment and media sector.

“Commission approves the proposed combination involving Reliance Industries Limited, Viacom18 Media Private Limited, Digital18 Media Limited, Star India Private Limited, and Star Television Productions Limited, subject to the compliance of voluntary modifications,” said the Competition Commission of India (CCI) in a social media post on platform X on Wednesday.