BENGALURU (Reuters) -- Reliance Industries, India's most valuable company, and The Walt Disney Co. signed a nonbinding term sheet to merge their Indian media operations, The Economic Times reported on Monday, citing sources it did not name.
Under the merger Reliance would own 51% through a combination of shares and cash, with Disney holding the remaining 49%, giving more control to Indian billionaire Mukesh Ambani's Reliance group, the newspaper said.
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