BENGALURU -- The Walt Disney Co. will merge its India unit with Mukesh Ambani's conglomerate Reliance Industries, as the Indian billionaire seeks to dominate the entertainment industry in the world's most populous nation.
The two companies said in a statement on Wednesday that Reliance and its subsidiaries will own 63.16% of the venture, which is valued at $8.5 billion. Disney will own the rest.
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