Indian tycoon
Mukesh Ambani has turned a venture capitalist and picked up stake in a new television channel Epic TV due to go on air next month.
Epic TV is a niche high-definition channel that will feature content based on the nation's history, folklore and mythology in a contemporary format.
While refusing to offer details, a Reliance spokesperson confirmed the development and said the investment by Ambani is "in his personal capacity."
According to reports,
Ambani holds over 25 per cent stake along with Mahindra group chairman Anand Mahindra (who also holds over 25 per cent stake in the venture). And the investment is routed through Reliance Ports & Terminals, which is one of Ambani's personal firms.
Epic Television Network was set up last October and is being led by Mahesh Samat. Samat is a former managing director of Walt Disney Company, who had left the US major last year after a four-year stint.
Samat had earlier said Epic TV was being funded by a group of angel investors but declined to name the investors or the amount.
The Epic TV will be Ambani's second broadcasting venture as he already owns a considerable stake in the Network18 Group.
Set up in 1997, Reliance Ports & Terminals, which is engaged in storage, handling and evacuation of crude oil and petroleum products, had in 2008 merged nine group companies with itself to consolidate the Reliance Group's logistics, engineering and construction-related services businesses.
Of the merged firms, four provide logistics, pipeline and engineering-related services to the parent company Reliance, while the others are investment-holding companies.
The Jamnagar-based company also handles petroleum product evacuation for the group's Jamnagar refinery.
With PTI inputs 
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