Anil Ambani chaired Reliance Broadcast Network Ltd announced that it has decided to make entry into a joint agreement with the Luxembourg-based television and radio network, RTL Group, to function and hold a network of TV channels in the Indian market.

In a declaration, Reliance Broadcast Network stated, "The company is proposing to enter into a joint venture (JV) with RTL Group to own and operate a portfolio of television channels."

At first, the business of the joint venture will consist of content and services provision in relations to and possessing and running a bunch of English, Hindi and other local language channels in the country.

The company stated that the parties will also research owning and operating Hindi and regional language channels in the coming time.

As presently proposed RTL and RBNL, or arms of such firms, would act as stockholders and shall have an identical equity interest in the joint venture.

The scope of activity of this JV deal will be self-regulating, non-conflict and non-compete with the subsisting joint venture that RBNL owns with CBS Corp , USA.