RIL arm invests in New Emerging World of Journalism Private Limited

Mumbai, November 28:

Reliance Industrial Investments and Holdings Limited (RIIHL), the wholly owned subsidiary of Reliance Industries Limited (RIL) has invested in 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 Rs 10.3 million and consequently NEWJ has become subsidiary of RIIHL and the Company, RIL said in a filing with BSE.

EWJ 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 theCompany and its subsidiaries.

The investment does not fall within related party transactions and none of Company’s promoter / promoter group/group companies have any interest in NEWJ.