RIL shares drop as firm wraps up Star Television Productions, Jiostar merger; retail arm restructures

Shares of Reliance Industries Ltd (RIL) were trading in red during the afternoon session on Tuesday, December 2, despite having completed the merger of Star Television Productions Ltd (STPL), a subsidiary of the company, with Jiostar, according to regulatory updates.

On November 14, 2024, Reliance had intimated about the scheme of arrangement for the merger of STPL with Star India, now known as Jiostar India, another subsidiary of the company.

"Jiostar has, on November 30, 2025, at 6:09 pm (IST), informed the company that the said scheme has become effective from November 30, 2025, and STPL stands merged with Jiostar," Reliance Industries Ltd informed in a regulatory filing on December 1.

STPL owns the ‘STAR’ brand and licenses it to group companies.

JioStar is the joint venture created after the merger of the media business of Reliance and the India business of global media giant Walt Disney in November 2024. The combined company was valued at $8.5 billion.

It is the country's leading media and entertainment platform and has reported revenues of ₹7,232 crore in the September quarter, along with a profit after tax of ₹1,322 crore.

It had launched JioHotstar after the merger of two leading OTT platforms, JioCinema and Disney+ Hotstar, in February this year.

Reliance Retail completes internal restructuring process

Reliance Retail completed its internal restructuring process, in which its consumer business has been transferred on a going-concern basis to a new entity, New Reliance Consumer Products Ltd (New RCPL).

New RCPL has now become a direct subsidiary of RIL, in which the billionaire Mukesh Ambani-led group will hold an 83.56 per cent stake, according to a late-night regulatory filing on Monday.

As per the scheme of arrangement among Reliance Retail Ltd (RRL) and Reliance Retail Ventures Ltd (RRVL) and their shareholders and creditors, and Reliance Consumer Products Ltd (RCPL), it has transferred the FMCG brands business from RRL to a new entity named New Reliance Consumer Products Ltd (New RCPL).

The "scheme has become effective from December 01, 2025, and in terms of the Scheme, RCPL, a subsidiary of the company, stands dissolved effective December 01, 2025," it said.

"Further, in terms of the Scheme, as a consideration for the demerger of the Consumer Brands Business Undertaking from RRVL to New RCPL, New RCPL will allot one fully paid-up equity share of ₹10 each for every two fully paid-up equity shares of ₹10 each of RRVL, to the shareholders of RRVL," it said.

Upon allotment of equity shares, the entire pre-scheme paid-up share capital of New RCPL held by RRVL shall stand cancelled and reduced, without any consideration.

"Accordingly, New RCPL will become 83.56% direct subsidiary of the company," said RIL.

Reliance Industries, the parent entity, holds 83.56% in RRVL. There are other investors in RRVL holding 16.44%.

However, shares of RIL declined as much as 1.56% to an intra-day low of ₹1,548 apiece on the National Stock Exchange (NSE).

At around 1:17 pm, the stock was trading 1.19% lower at ₹1,547.50 per equity share.

RIL’s total market capitalisation stood at ₹20.94 lakh crore, as of December 2, 2025, according to data on the NSE.