Reliance Industries' Share Value Soars To A Record High Of Rs 2,856.15

Reliance Industries Ltd's share value soared to a record high of Rs 2,856.15 on Friday, rising for the fourth straight session.

Conglomerate RIL extended gains for a fourth straight session, rising 1.3 per cent to scale a record high of 2,856.15 rupees per share after having risen 1.5 per cent on Thursday.

It was last trading 0.5 per cent higher at Rs 2834.40. 

That comes on the heels of a partnership announcement between James Murdoch's Lupa Systems, Disney India executive Uday Shankar and Reliance Industries' broadcasting business Viacom18.

Indeed, a press note late on Wednesday showed that Bodhi Tree Systems, a venture between James Murdoch's Lupa Systems and former Disney India executive Uday Shankar, will invest Rs 13,500 crore in Reliance Industries' broadcasting business Viacom18.

An investment company set up by Rupert Murdoch's son James and Mr Shankar said it would lead fundraising in Viacom18 with a consortium of investors aimed at building India's "leading entertainment platform," the entities said in a joint statement.

Reliance Projects & Property Management Services will invest an additional Rs 1,645 crore in the strategic partnership between Reliance, Bodhi Tree Systems and Paramount Global, which is committed to innovation and distribution in India's media and entertainment sector, the press release noted.

Reliance chairman Mukesh Ambani said the partnership would help "India's transition to a streaming-first media market". Reliance held a 51 per cent stake in Viacom18, with ViacomCBS, which recently changed its name to Paramount Global, holding the rest.

"James and Uday's track record is unmatched. For over two decades, they have played an undeniable role in shaping the media ecosystem in India, Asia, and worldwide. We are very excited to partner with Bodhi Tree and lead India's transition to a streaming-first media market. We are committed to bringing the best media and entertainment services for Indian customers through this partnership," Mr Ambani added.

Mr Murdoch and Mr Shankar said, "we could not be more pleased to announce our new partnership." 
"Our ambition is to leverage technology advances, particularly mobile, to provide meaningful solutions to meet scale's everyday media and entertainment needs. We seek to reshape the entertainment experience across more than 1 billion screens," they added.