NCLT approves cross-border merger of Star Television Productions with Jio Star

The National Company Law Tribunal (NCLT), Mumbai, has approved the cross-border merger of Star Television Productions (STPL), registered in the British Virgin Islands, with its Indian subsidiary, Star India Private (SIPL), now operating as Jio Star India, as mentioned in a report by Economic Times.

Jio Star India, a joint venture between Reliance Industries (RIL) and Disney, was formed in November 2024 following the merger of Star India and Viacom18. The newly combined entity is valued at $8.5 billion.

Star Television Productions (STPL), which owns the ‘STAR’ brand and licenses it to group companies, became a subsidiary of Reliance Industries (RIL) in November 2024 after RIL acquired 63.16% of STPL from a Disney shareholder for Rs 211.6 crore.

The merger consolidates brand ownership and operations under Jio Star India, which operates over 100 TV channels across genres under the Star and Colors brands, along with the streaming platform JioHotstar.

The boards of STPL and Jio Star India approved the merger scheme on September 24, 2024. Under the share-swap arrangement, STPL shareholders will receive 143 Jio Star equity shares (Rs 10 each) for every STPL share (valued at $1 or Rs 83.5 at the time).

The tribunal clarified that all assets and liabilities of STPL will transfer to Jio Star, though any offences committed by STPL officers before the merger will remain liable under section 240 of the Companies Act. 

The scheme’s appointed date will coincide with its effective date, and Jio Star is required to file the order with the Registrar of Companies within 30 days.