Reliance Industries has confirmed that it will be buying stake in the Indian music service streaming App Saavn. This deal is estimated for around $104 million and all the stocks will be purchased from the respective shareholders.
In a joint statement on Friday, both Reliance and Saavn said that there are plans to invest up to $100 million, $20 million of it upfront, to expand the JioMusic-Saavn combined. The deal will combine the streaming media expertise of Saavn with the connectivity and digital ecosystem of Jio. Read More