Mukesh Ambani’s startup bet: Here’s why RIL bought this media firm for Rs 1 crore
Thursday, November 29, 2018 IST
In a major development, billionaire Mukesh Ambani-led Reliance Industries’ arm has picked up a controlling stake in media startup New Emerging World of Journalism (NEWJ) with an initial investment of over Rs 1 crore.
Billionaire Mukesh Ambani-led Reliance Industries’ arm has picked up a controlling stake in media startup New Emerging World of Journalism (NEWJ) with an initial investment of over Rs 1 crore. “As initial tranche, RIIHL (Reliance Industrial Investments and Holdings Limited) has subscribed to 30,000 equity shares and 125 compulsory convertible debentures for total cash aggregating to Rs 10.3 (Rs 1.03 crore) and consequently NEWJ has become subsidiary of RIIHL and the company,” RIL said in a late regulatory filing on Tuesday.
RIHL’s latest acquisition NEWJ is an early stage technology start up incorporated in India in January 2018. The firm is mainly into production and curation of content for the emerging social and digital media ecosystem. Further, NEWJ will also be developing data enabled technology products which allow for integrated models of reporting and distribution, said RIL’s statement on the exchanges.
“The recent exponential growth of the video content market provides a huge opportunity for innovative visual storytelling in India. The company intends to fill this demand for quality content in the social and digital media space. The venture was founded by a team of young entrepreneurs led by Shalabh Upadhyay,” RIL said.
NEWJ will harness this synergy with a data-driven and tech-focused approach in creating a distributed content model, said the release. RIL share price rallied by more than 2.6% to hit an intra-day high of Rs 1,157.75. The shares closed on the BSE at Rs 1,151.45.
Related Topics
Trending News & Articles
While the Uttarakhand High Court has asked to block 857 websites, the Ministry of Electronics and IT (Meity) found 30 portals without any pornographic content.
...
Recently posted . 64K views . 1 min read
The four boys as well as five school officials, including the director and principal, were arrested after the incident. The minors were presented before the Juvenil...
Recently posted . 10K views . 1 min read
Rahul was having an Italian passport and was carrying suitcase full of dollars. Some say it was about was it $2 million.
Rahul and his girl friend was th...
Recently posted . 9K views . 7 min read
True – Tr...
Recently posted . 8K views . 83 min read
More in National
New Delhi: The Supreme Court on Monday granted bail to Lieutenant Colonel Shrikant Prasad Purohit, a denounced in the 2008 Malegaon blast case, putting aside the pa...
Recently posted. 1K views . 11 min read
New Delhi: Indian fast bowler Irfan Pathan was at the receiving end on social media after he posted a photograph with wife Safa Baig. (Sara Baig - All you have to t...
Recently posted. 1K views . 17 min read
Srinagar: Army Chief General Bipin Rawat has regarded Major Leetul Gogoi with a 'Commendation Card' for his "managed endeavors" in counter-uprisin...
Recently posted. 781 views . 18 min read
Recently posted . 2K views
Recently posted . 1K views
Recently posted . 2K views
Recently posted . 2K views
Recently posted . 4K views . 57 min read
Recently posted . 3K views . 87 min read
To all you girls who dream,
I am sure you wake up every morning feeling hopeful and optimistic about the day ahead, excited a...
Recently posted. 866 views . 2 min read
The Gaushala is making 'rakhis' out of cow dung.
A local cow shelter in Bijnore district called 'Shri Krishna Gau...
Recently posted. 603 views . 1 min read