Bodhi Tree Systems and Reliance Projects & Property Management Services have agreed to invest a combined INR 15,145 crores ($2 billion) in Viacom18 Media, an Indian entertainment network.

The investment is aimed at creating one of the largest TV and digital streaming firms in India.

Viacom18 is the owner and operator of the suite of Colors TV channels and VOOT, an OTT platform. It is a joint venture between Reliance Industries-owned TV18 and American entertainment conglomerate Paramount Global.

Bodhi Tree Systems is a newly established platform between James Murdoch, the founder and CEO of private investment company Lupa Systems and Uday Shankar, an ex-president of The Walt Disney Company Asia Pacific and former chairman of Star and Disney India.

The platform with a consortium of investors is leading a fund raise to invest INR 13,500 crores ($1.78 billion) in Viacom18.

James Murdoch and Uday Shankar said: “We could not be more pleased to announce our new partnership.

“Our ambition is to leverage technology advances, particularly in mobile, to provide meaningful solutions to meet everyday media and entertainment needs at scale. We seek to reshape the entertainment experience across more than 1 billion screens.”

On the other hand, Reliance Projects & Property Management Services is a fully-owned subsidiary of Reliance Industries. Its investment in Viacom18 under this agreement will be INR 1,645 crores ($216 million).

Additionally, the JioCinema OTT app of Reliance Group will be transferred to Viacom18. Paramount Global will continue as a shareholder of Viacom18 and will continue to supply is global content to the latter.

Mukesh D Ambani — Chairman and Managing Director of Reliance Industries said: “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 around the world.

“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.”

The transaction, which is subject to closing conditions and the necessary approvals, is likely to close within six months.

  Bodhi Tree Systems, India, James Murdoch, JioCinema, Lupa Systems, Mukesh D Ambani, Paramount Global, Reliance Industries, Reliance Projects & Property Management Services, Uday Shankar, Viacom18 Media