Mukesh Ambani’s Jio Star Merger Gets NCLT Nod; New Identity Announced
The cross-border merger between Star Television Productions Limited (STPL), a British Virgin Islands-registerd company, and its Indian subsidiary Star India Private Limited (SIPL), which has since changed its name to Jio Star India, was approved by the National Company Law Tribunal (NCLT) in Mumbai, according to The Economic Times.
Sections 230 and 232 of the Companies Act were used by the tribunal to authorize the merger in its September 26 ruling, which stated that it was “fair, reasonable, and compliant with the law.”
Merger of Jio Star-Star India
The agreement places operations and brand ownership under the single Jio Star banner. The idea was previously approved by the boards of both corporations on September 24, 2024. According to the agreement, for every STPL share priced at USD 1 (about Rs 83.5 at the time), stockholders will receive 143 Jio Star equity shares (Rs 10 apiece).
After accounting for obligations, debt, cash, investments, and excess assets, BDO Valuation Advisory LLP determined that Star India’s enterprise value was Rs 34,609 crore and its equity value was Rs 26,484 crore (Rs 467.9 per share). These numbers show Star India’s standing before it merged with Viacom18.
Jio Star Joint Venture
Following completion in November 2024, the joint venture combines Disney’s Star India activities with Viacom18’s media and JioCinema companies. The post-money valuation of the merged business was Rs 70352 crore, or USD 8.5 billion.
Additionally, Reliance has contributed Rs 11,500 crore (USD 1.4 billion) to the company as expansion capital.
In addition to producing more than 30,000 hours of content a year and managing more than 100 television channels, the media behemoth will run the popular digital platforms JioCinema and Disney+ Hotstar, which together have over 50 million members.
Frequently Asked Questions (FAQ)
Q1. What is the recent corporate development involving Mukesh Ambani’s Jio Star?
The National Company Law Tribunal (NCLT) in Mumbai approved the merger of Jio Star India (formerly Star India Private Limited) with its parent company, Star Television Productions Limited (STPL), a British Virgin Islands-registered firm.
Q2. Under which legal provisions was the merger approved?
The merger was authorized under Sections 230 and 232 of the Companies Act, which govern amalgamations and arrangements between companies in India.
Q3. What is the significance of this merger?
The merger consolidates operations, brand ownership, and content production under a single Jio Star banner, streamlining management and enhancing market reach in India and abroad.
Q4. How were STPL shareholders compensated in this merger?
For every STPL share priced at USD 1 (approx. Rs 83.5), shareholders will receive 143 Jio Star equity shares, each valued at Rs 10.
Q5. What is the enterprise and equity value of Star India prior to the merger?
BDO Valuation Advisory LLP valued Star India’s enterprise at Rs 34,609 crore and equity at Rs 26,484 crore (Rs 467.9 per share), reflecting the company’s standing before merging with Viacom18.
Q6. What does the Jio Star joint venture include?
The joint venture combines:
Disney’s Star India operations
Viacom18 media and content
Digital platforms like JioCinema and Disney+ Hotstar
Q7. What is the post-merger valuation of Jio Star?
After the merger, the company’s post-money valuation is Rs 70,352 crore (USD 8.5 billion). Reliance has also infused Rs 11,500 crore (USD 1.4 billion) for expansion.
Q8. What is the scale of operations for Jio Star?
Jio Star will:
Produce over 30,000 hours of content annually
Operate 100+ television channels
Serve over 50 million digital subscribers via JioCinema and Disney+ Hotstar
Q9. When was the merger originally approved by the company boards?
The boards of both STPL and Star India approved the merger on September 24, 2024.
Q10. How does this merger impact the Indian media landscape?
The consolidation strengthens Reliance’s media presence, enhances digital streaming capabilities, and positions Jio Star as a major integrated content and broadcasting powerhouse in India.
Q11. Why was the merger of STPL and Star India considered necessary?
The merger aims to simplify corporate structure, unify brand operations, and streamline content production, allowing the combined entity to leverage synergies between Star India, Viacom18, and JioCinema for a stronger market presence.
Q12. How does this merger affect Disney+ Hotstar and JioCinema users?
The merger will likely enhance content variety and streaming efficiency, as the platforms are now integrated under Jio Star, with potential for exclusive shows, movies, and bundled services for subscribers.
Q13. What role did Reliance play in the merger?
Reliance contributed Rs 11,500 crore (USD 1.4 billion) as expansion capital, supporting the growth of the merged entity in content creation, digital streaming, and distribution.
Q14. Will Jio Star continue producing international content?
Yes. The merger strengthens Jio Star’s cross-border content capabilities, enabling production and distribution for both domestic and international audiences, including collaborations with Disney and Viacom18.
Q15. What is the shareholder structure post-merger?
STPL shareholders received 143 Jio Star shares per STPL share, consolidating ownership under Jio Star India, while Reliance holds a significant stake in the merged entity for operational and strategic control.
Q16. How does this merger compare with other media consolidations in India?
This is one of the largest media mergers in India, combining content libraries, TV channels, and digital streaming platforms, creating a highly competitive media powerhouse in the Indian entertainment market.
Q17. How many television channels will Jio Star manage post-merger?
The merged entity will operate over 100 TV channels, covering entertainment, sports, news, and regional content.
Q18. What kind of content production is Jio Star expected to handle annually?
Jio Star will produce more than 30,000 hours of content per year, including TV shows, web series, films, and digital-first content.
Q19. How does the merger impact the Indian OTT ecosystem?
By combining JioCinema, Disney+ Hotstar, and Star India, Jio Star can offer bundled services, enhanced streaming libraries, and more competitive pricing, strengthening Reliance’s position in India’s OTT market.
Q20. When was the merger legally completed?
The NCLT gave its approval on September 26, 2025, following prior board approval on September 24, 2024. The merger completion is expected to consolidate operations fully in the coming months.
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