Reliance-Disney JV receives ₹123 cr capital infusion from Disney

Walt Disney has invested ₹123 crore in JioStar India through a fresh foreign direct investment (FDI), providing another capital infusion into the Reliance-Disney media joint venture as it continues to streamline operations following the merger of Star India and Reliance’s media businesses.

According to figures published by the Department for Promotion of Industry and Internal Trade (DPIIT), Star Group Limited, a Walt Disney-owned company, invested ₹123 crore in JioStar India—formerly Star India—under the Reserve Bank of India’s automatic route during the January–March quarter of FY25.

The latest investment follows significantly larger capital injections made by Disney during the financial year. In the first quarter of FY25, the company infused ₹2,839 crore into JioStar India through Star US Holdings Subsidiary LLC, followed by another ₹1,008 crore in the third quarter. With the latest investment included, Disney’s total investment in JioStar India during FY25 has reached ₹3,970 crore.

The earlier capital infusions ranked among the largest foreign investments in India’s information and broadcasting sector during their respective quarters, highlighting Disney’s continued financial commitment to its India operations despite the restructuring of its media business.

JioStar India functions as a joint venture between Reliance Industries Ltd (RIL), Walt Disney and Bodhi Tree Systems. Reliance holds a majority stake of 56%, while Disney owns 37% and Bodhi Tree Systems has the remaining 7%.

The fresh investment comes as the joint venture’s financial performance continues to improve. Disney recently disclosed that its share of losses from the India joint venture reduced to $64 million for the quarter ended March 28, compared with $103 million in the corresponding quarter last year. For the six-month period, Disney’s equity losses narrowed to $92 million from $136 million a year earlier, indicating improved operational performance following the integration of the merged businesses.

The merger has combined some of India’s biggest television networks, streaming platforms and sports broadcasting rights under one umbrella, creating one of the country’s largest media and entertainment companies.

According to DPIIT data, the information and broadcasting sector attracted total FDI inflows of ₹1,213 crore during the January–March quarter.

Besides Disney’s investment, the quarter also saw a major foreign investment in Zee Entertainment Enterprises Ltd. DPIIT approved an FDI proposal worth ₹418 crore by OFI Global China Fund LLC, an investment fund owned by Invesco, into the broadcaster.

The latest investments reflect continued foreign investor confidence in India’s media and entertainment industry, even as companies step up investments in content, digital platforms and sports rights amid intensifying competition in the streaming and broadcasting market. Pitchonnet