The Mukesh Ambani-controlled Reliance Industries Ltd, RIL has said it will acquire control in Network 18 Media & Investments Ltd, including its subsidiary TV18 Broadcast Ltd. In a statement, the company said that the board of RIL approved funding of up to 4,000 crore rupees to Independent Media Trust (IMT), of which RIL is the sole beneficiary, for acquisition of control in Network 18 and its subsidiaries. Network18 has a significant presence in news and entertainment channels, movie production, print media and also digital–both e-commerce and content. The Reliance statement said, IMT would use the funds to acquire control over Network 18 and TV18 resulting in ownership of about 78 per cent in Network 18 and 9 per cent in TV18 and to acquire shares tendered in the open offers