Reliance buys stake in cricket portal

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Mumbai: The reliance ADAG group, One of India’s biggest corporate houses, the Reliance ADA group, has acquired a major stake in Willow TV, a cricket portal based in the US.

Reliance Big, the Anil Ambani company, will $60 to $70 million to purchase a 75 per cent stake in the California-based Willow TV and is expected to invest Rs 300 crore in the portal over the next two years.

Explaining the reason behind picking up the stake in Willow TV, Rajesh Sawhney, president of Reliance Entertainment, said it was part of the company’s plans to give South Asians in America and elsewhere on their three passions – and deliver them through computers and phones.

"ADAG is looking to create a triple play, using three passions that South Asians have. One in cricket, one is movies, and the third is communications, as they want to call their families back home," Sawhney has been quoted as saying in the Economic Times.