The National Company Law Tribunal (NCLT) has admitted the RIL-owned Viacom18 and Star India merger scheme, as per media reports.

The nod from the Mumbai bench of NCLT is the first step towards completion of the deal.

Last week it was reported that the Walt Disney Company is expecting to close the merger of Star India with Reliance Industries in the first half of 2025.

In a regulatory filing, the company said, “The Star India transaction is expected to close in the first half of calendar year 2025, subject to customary closing conditions, including regulatory approvals and government consents. If closing has not occurred by February 28, 2026, Star India or RIL may terminate the transaction.”

In February, Viacom 18 Media Private Limited and The Walt Disney Company formally announced the signing of binding definitive agreements to form a joint venture(JV) that will combine the businesses of Viacom18 and Star India.

The transaction values the JV at ?70,352 crore (US$ 8.5 billion) on a post-money basis, excluding synergies. Post completion of the above steps, the JV will be controlled by RIL and owned 16.34% by RIL, 46.82% by Viacom18 and 36.84% by Disney. Disney may also contribute certain additional media assets to the JV, subject to regulatory and third-party approvals.