Competition Commission of India has approved Reliance Industries' acquisition of stake in Raghav Bahl's media companies Network 18 and TV18 Broadcast.
The Independent Media Trust, a trust set up for the benefit of Reliance Industries Limited, acquired the stake by subscribing to the optionally convertible debentures of companies controlled by Bahl.
The deal, expected to be around 2,700 crore, is touted to be one of the biggest in the media industry.
The Commission states in its order that the assessment of competitive impact of the proposal was carried out to ascertain whether both groups are engaged in production, supply, distribution, storage, sale or trade of similar or identical or substitutable goods or services.
However, CCI noted that new channels can be started with ease in the country given the scope of innovation and technology.
"The commission is of the opinion that the proposed combination is not likely to have any appreciable adverse effect on competition in the business of supply of television channels in India... specific determination of relevant product and geographic market in respect of supply of television channels in India is not necessary,'' CCI said in an order put up the commission's website.
The TV18 group operates CNN-IBN and CNBC TV18 channels, among others.