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The latest acquisition of RIHL, NEWJ, is a start-up technology start-up incorporated in India in January 2018. The arm of billionaire Mukesh Ambani, led by Reliance Industries, has acquired a dominant stake in the start-up New Emerging World of Journalism (NEWJ) media with an initial investment of more than Rs 1 crore. "As an initial tranche, Reliance Industrial Investments and Holdings Limited (RIIHL) subscribed for 30,000 shares and 125 convertible debentures total cash reaching Rs 10.3 (1.03 crore) and, therefore, NEWJ became a subsidiary of RIIHL and the company "
The latest acquisition of RIHL, NEWJ, is a technological start-up in phase The company is primarily focused on the production and curation of content for the new social and digital media ecosystem. In addition, NEWJ will also develop data-driven technology products that enable integrated reporting and distribution models, "said RIL's statement on trade.
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"The recent exponential growth of the video content market offers a huge opportunity for innovative visual storytelling in India. The company intends to meet this demand for quality content in social and digital media. The project was founded by a team of young entrepreneurs led by Shalabh Upadhyay, "said RIL.
NEWJ will leverage this synergy with a data-driven and technology-driven approach to creating a distributed content model, the statement said. The RIL stock price rose more than 2.6% to a day's high of Rs 1,157.75 The shares closed the BSE at Rs 1,151.45.
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