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Oil-to-telecoms conglomerate Reliance Industries (RELI.NS) is buying a stake in Indian music streaming service Saavn and will merge it with its JioMusic app to create a new entity it said would be valued at $1 billion. As part of the deal, Reliance will buy a stake in Saavn from its shareholders for $104 million. Saavn's existing investors - including Tiger Global Management, Liberty Media and Bertelsmann - will retain a holding in the new music services, according to the statement.
India's Reliance Industries Ltd will become a major provider of clean energy in the country, Chairman Mukesh Ambani said, as the South Asian nation transitions to renewable energy sources from fossil fuels. India is one of the world's biggest users of coal, and renewable energy such as solar power is a priority for Prime Minister Narendra Modi's government.