AZB & Partners acted as legal advisers to Reliance Industries Limited (RIL) in the acquisition of a 24.92% of equity share in film and television production house Balaji Telefilms (BTL) for US$64 million.
The board of directors of both companies approved the investment and finalized the deal. Shardul Amarchand Mangaldas advised BTL, with the team led by managing partner Akshay Chudasama.
Partners Ashwath Rau, Nilanjana Singh and Ami Parikh led AZB & Partners, supported by senior associate Vasudha Asher and associate Pranav Atit. “Our firm advised RIL on all aspects of the transaction,” Rau told India Business Law Journal. “The proceeds from the transaction would be utilized to further speed up content development initiatives, especially for the video on demand (VOD) platform ALTBalaji, in order to enable it to compete with other OTT (over-the-top) service providers.”
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