Billionaire Mukesh Ambani-led Reliance Industries’ arm has picked up a controlling stake in media startup New Emerging World of Journalism (NEWJ) with an preliminary funding of over Rs 1 crore. “As initial tranche, RIIHL (Reliance Industrial Investments and Holdings Limited) has subscribed to 30,000 equity shares and 125 compulsory convertible debentures for total cash aggregating to Rs 10.3 (Rs 1.03 crore) and consequently NEWJ has become subsidiary of RIIHL and the company,” RIL stated in a late regulatory submitting on Tuesday.
RIHL’s newest acquisition NEWJ is an early stage expertise begin up included in India in January 2018. The firm is principally into manufacturing and curation of content material for the rising social and digital media ecosystem. Further, NEWJ may even be creating information enabled expertise merchandise which permit for built-in fashions of reporting and distribution, stated RIL’s assertion on the exchanges.
“The recent exponential growth of the video content market provides a huge opportunity for innovative visual storytelling in India. The company intends to fill this demand for quality content in the social and digital media space. The venture was founded by a team of young entrepreneurs led by Shalabh Upadhyay,” RIL stated.
NEWJ will harness this synergy with a data-driven and tech-focused strategy in making a distributed content material mannequin, stated the discharge. RIL share value rallied by greater than 2.6% to hit an intra-day excessive of Rs 1,157.75. The shares closed on the BSE at Rs 1,151.45.