Big win for Mukesh Ambani, NCLT approves Jio Star’s merger with…, to be renamed as…

Reliance will hold a 16.34% direct stake, while Viacom18 will own 46.82% and Disney 36.84%.

The National Company Law Tribunal (NCLT) in Mumbai has cleared the cross-border merger of Star Television Productions Limited (STPL), registered in the British Virgin Islands, with its Indian arm Star India Private Limited (SIPL), which has now been renamed Jio Star India, The Economic Times reported.

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In its September 26 order, the tribunal approved the merger under Sections 230 232 of the Companies Act, describing it as “fair, reasonable, and compliant with the law.”

Jio Star-Star India Merger

The deal gives brand ownership and operations under the unified Jio Star umbrella. On September 24, 2024, the boards of both companies had already signed off on the plan. As part of the arrangement, STPL shareholders will receive 143 Jio Star equity shares (Rs 10 each) for every STPL share valued at USD 1 (around Rs 83.5 at the time).

According to BDO Valuation Advisory LLP, Star India’s enterprise value was assessed at Rs 34,609 crore and equity value at Rs 26,484 crore (Rs 467.9 per share), factoring in liabilities, debt, cash, investments, and surplus assets. These figures reflect Star India’s position prior to its merger with Viacom18.

Jio Star Joint Venture

After completion in November 2024, they JV, merges Viacom18’s media and JioCinema businesses with Disney’s Star India operations. The combined company post-money valuation was of Rs 70352 crore (USD 8.5 billion).

Reliance has also injected Rs 11,500 crore (USD 1.4 billion) as growth capital into the venture.

The media giant will manage over 100 television channels, produce more than 30,000 hours of programming annually, and operate leading digital platforms JioCinema and Disney+ Hotstar, which together serve over 50 million subscribers.