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Reliance Capital to pick up 18% in Bloomberg UTV
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Quote:Reliance Capital, part of billionaire Anil Ambani's empire, is snapping up an 18 per cent interest in business news channel Bloomberg UTV for an undisclosed amount.

Bloomberg has already applied to the FIPB (Foreign Investment Promotion Board) for a 15 per cent stake in the channel.

Reliance Capital is buying the stake from the promoters of Bloomberg UTV. Founder-promoter Ronnie Screwvala and associates will, thus, hold the remaining 67 per cent stake.

Meanwhile, rumours spread that Ambit would also be picking up a stake. Ambit Group CEO Ashok Wadhwa, however, denied such a move. "We acted as the advisor to the transaction. We are not picking up any stake in Bloomberg UTV. That is not a business we are in," Wadhwa told Indiantelevision.com.

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