FILE PHOTO: Commuters are reflected on an advertisement of Reliance Industries' Jio telecoms unit, at a bus stop in Mumbai, India, February 21, 2017. REUTERS/Shailesh Andrade
MUMBAI: Oil-to-telecoms conglomerate Reliance Industries is buying a stake in Indian music streaming service Saavn and will merge it with its JioMusic app to create a new entity it said would be valued at US$1bil (RM3.89bil).
As part of the deal, Reliance will buy a stake in Saavn from its shareholders for US$104mil (RM405.50mil). It also plans to invest up to US$100mil (RM389.91mil), US$20mil (RM77.98mil) of it upfront, to expand the JioMusic-Saavn combine, both sides said in a joint statement on Friday.
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