Reliance Industries, sponsored by billionaire Mukesh Ambani, has requested approval from the Competition Commission of India (CCI) for the $8.5 billion merger of Viacom-18 and Star India Pvt Ltd (SIPL).

"The proposed merger proposes to integrate the entertainment businesses (along with some other designated businesses) of Viacom18, a subsidiary of Reliance Industries Ltd (RIL), and SIPL, which is entirely owned by The Walt Disney Company (TWDC).

"As a result of the transaction, SIPL, currently a wholly-owned entity of TWDC through its subsidiaries, will become a joint venture (JV) which will be jointly held by RIL, Viacom18 and existing TWDC subsidiaries," according to a notice filed with the CCI on Friday. The proposed merger will have no significant negative impact on competition in India, RIL stated in the notice.

However, to aid the CCI's evaluation, they identified certain key sectors with considerable horizontal overlaps, including audio visual content rights licensing, broadcast TV channel distribution, audio visual (AV) content providing, and advertising space supply in India. SIPL is involved in a variety of media operations, such as TV transmission, movie pictures, and the operation of an OTT platform. It is completely owned by The Walt Disney Company (TWDC), which is situated in the United States.

Viacom18 broadcasts television (TV) channels and operates an over-the-top (OTT) network in India and around the world. It also produces and distributes motion pictures.

In February of this year, global media behemoths Walt Disney Co and Reliance Industries announced the signing of formal agreements to merge their media operations in India, becoming a Rs 70,000 crore ($8.5 billion) conglomerate.

If the merger goes through successfully, it will establish the largest corporation in the Indian media and entertainment industry, with over 100 channels in several languages, two prominent OTT platforms, and a viewer base of 750 million across the country.

Nita Ambani, the wife of Reliance Industries Chairman Mukesh Ambani, will chair the joint venture, with Uday Shankar serving as Vice Chairperson. Reliance and its affiliates will own 63.16 percent of the combined firm, with Disney retaining the remaining 36.84 percent. Reliance has also promised to invest approximately Rs 11,500 crore in the joint venture to help build the OTT company.