Mukesh Ambani-led Reliance Industries expanded his empire after getting a new subsidiary as Viacom 18 on December 30 2024. The development happened after the conversion of  246133682 compulsorily convertible preference shares (CCPS)  into an equivalent number of equity shares. Formerly the media company had been a subsidiary of  Network18 Media & Investments Ltd a subsidiary of Reliance Industries Ltd (RIL). As per a disclosure dated November 14 2024 the company held 70. 49% stake in Viacom 18 on a fully diluted basis.  The company said in a regulatory filing “Consequently Viacom18 has become a subsidiary of the Company effective December 30 2024 and has ceased to be a subsidiary of Network18. The Company received intimation of allotment of equity shares from Viacom18 on December 30 2024.”  This comprised 55727821 equity shares and 246133682 compulsorily convertible preference shares (‘CCPS’). Viacom18 was a material subsidiary of Network18 Media & Investments Limited (‘Network18’) the company said. On December 30 billionaire Mukesh Ambani-led RIL converted 246133682 CCPS into equivalent shares making it a direct subsidiary.