ISTANBUL 

The Walt Disney Company announced Wednesday a strategic joint venture with Mumbai-based multinational conglomerate Reliance Industries Limited.

The joint venture will combine the businesses of Disney-owned Star India with Viacom18, in which Reliance Industries has a majority stake.

"As part of the transaction, the media undertaking of Viacom18 will be merged into Star India Private Limited through a court-approved scheme of arrangement," Disney said in a statement.

While Reliance has agreed to invest $1.4 billion into the joint venture for its growth strategy, the transaction values the venture at $8.5 billion, it added.

After the completion of the transaction, the joint venture will be controlled and owned 16.34% by Reliance, 46.82% by Viacom18, and 36.84% by Disney.