Jan. 3 (Bloomberg) -- Network 18 Media & Investments Ltd. climbed the most in two weeks in Mumbai trading after a report billionaire Mukesh Ambani may invest in the Network 18 Group.
Shares of Network 18 rose as much as 20 percent, the most intraday since Dec. 20, and traded 18 percent up at 45.75 rupees as of 10:01 a.m. local time. TV18 Broadcast Ltd., the group’s broadcasting unit, surged 20 percent to 33.65 rupees, the stock’s biggest intraday advance since October 2008.
Ambani’s Reliance Industries Ltd. will invest 15 billion rupees ($282 million) to acquire a “sizeable” stake in the company controlling the Network 18 Group, the Economic Times reported, citing people it didn’t identify. Separately, the Network 18 Group is expected to today announce a plan to purchase the assets of Eenadu, a regional media company, the Wall Street Journal reported, citing a person it didn’t name.
Raghav Bahl, managing director of Network 18, didn’t immediately respond to an e-mail seeking comment. Tushar Pania, a spokesman at Reliance, didn’t immediately reply to an e-mail seeking comment.
--With assistance from Rakteem Katakey in New Delhi. Editors: Suresh Seshadri, Garry Smith
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