Nita Ambani, wife of Indian billionaire Mukesh Ambani, is likely to be appointed chair of the board when Reliance Industries and Walt Disney merge their India media assets, two sources familiar with the plans said, according to a Reuters report yesterday.

Reliance, controlled by the Ambani family, and Disney are closing in on signing their India media merger deal, which has been in the works for months, and an announcement is likely late Wednesday, the sources said. (https://www.reuters.com/markets/deals/nita-ambani-likely-be-chair-indias-merged-reliance-disney-media-business-sources-2024-02-27/)

The plans could change ahead of an official announcement. Reliance did not respond to a request for comment from reuters, while Disney declined to comment.

Nita Ambani’s appointment as chair will come just months after she quit the board of Reliance Industries to focus more on charity work. She is currently founder and chair of the Reliance Foundation.

Reliance and Disney each have a streaming service as well as 120 television channels between them, and the deal will strengthen Reliance’s hold over India’s $28 billion media and entertainment market.

Bodhi Tree, a joint venture between James Murdoch and former top Disney executive, Uday Shankar, is also set to take a stake of around 9 percent in the new merged entity. Disney will hold around 40 percent, the Reuters report from new Delhi further added.