India's Reliance in talks to sell news assets to Times Group - Bloomberg

Credit: REUTERS/AMIT DAVE

Reliance Industries Ltd, owned by Asia's richest man Mukesh Ambani, is in talks to sell its news assets to India's Times Group, Bloomberg reported on Thursday.

MUMBAI, Nov 28 (Reuters) - Reliance Industries Ltd RELI.NS, owned by Asia's richest man Mukesh Ambani, is in talks to sell its news assets to India's Times Group, Bloomberg reported on Thursday.

Bennett Coleman and Co Ltd, which publishes The Times of India and owns news channels and news websites, is looking to hire advisers to run due diligence on Reliance's Network 18 Media and Investments Ltd NEFI.NS, Bloomberg said, citing unnamed sources.

"As a policy, we do not comment on media speculation and rumours. Our company evaluates various opportunities on an ongoing basis," a Reliance spokesperson told Reuters in an email.

A Bennett Coleman spokeswoman declined to comment on the report.

Local media reported last week that Reliance was in talks with Japan's Sony Corp 6758.T for a stake sale in Network 18 Media and Investments Ltd.

India's lucrative-but-crowded TV market is set to grow by more than 50% in the next three years, according to Statista, a statistics portal.

(Reporting by Shilpa Jamkhandikar, Editing by Sherry Jacob-Phillips)

((shilpa.jamkhandikar@thomsonreuters.com;))

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