Nita Ambani, the wife of Indian billionaire Mukesh Ambani, is poised to take the helm as chair of the board in the anticipated merger of Reliance Industries and Walt Disney’s India media assets, according to reports citing two close sources. This merger, which has been in progress for several months, is nearing its conclusion, with an official announcement expected late Wednesday, according to the same sources.
However, it’s important to note that these plans are subject to change prior to any formal announcement. Reliance has not responded to requests for comment, while Disney has declined to provide any statement.
If appointed as chair, Nita Ambani’s new role would come shortly after her departure from the board of Reliance Industries, a move aimed at dedicating more time to philanthropic endeavors. Currently, she holds the position of founder and chair of the Reliance Foundation.
Nita Ambani, along with her family, is frequently seen socializing with Bollywood celebrities at events they host. Additionally, she is known for establishing the Nita Mukesh Ambani Cultural Centre in Mumbai, a prominent venue for music and theatre.
The merger between Reliance and Disney would combine their respective streaming services and approximately 120 television channels, consolidating Reliance’s position in India’s $28 billion media and entertainment market.
In a previous report, Reuters indicated that Reliance is expected to hold a majority stake ranging from 51% to 54% in the merged entity. This deal would value Disney’s Indian operations at approximately $3.5 billion, a significant decrease from the estimated value of $15 to $16 billion in 2019.
