RIL invests in new-media start up NEWJ

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Mumbai : Reliance Industrial Investments and Holdings Limited (“RIIHL”), the wholly owned subsidiary of Reliance Industries Limited has invested in the media start-up New Emerging World of Journalism Private Limited (“NEWJ”). As initial tranche, RIIHL has subscribed to 30,000 Equity Shares and 125 Compulsory Convertible Debentures for total cash aggregating to INR 10.3 million and consequently NEWJ has become subsidiary of RIIHL and the Company.

NEWJ is an early stage technology start up incorporated in India in January 2018. NEWJ’s business focus areas are production and curation of content for the emerging social and digital media ecosystem. Further, NEWJ will also be developing data enabled technology products which allow for integrated models of reporting and distribution.

The aforesaid investment has potential synergies with digital services and communications initiatives of the Company and its subsidiaries. RIL has said that the investment does not fall within related party transactions and none of Company’s promoter / promoter group / group companies have any interest in NEWJ.

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