Reliance Industries bought the diversified media company, granting Nokia a reported exit around 2.4x.
Conglomerate Reliance Industries has acquired India-based media company Network18 for up to Rs40bn ($680m), providing an exit to communications technology provider Nokia.
Nokia became a shareholder in the company in 2011 when it exchanged its stake in Network18 subsidiary Web18 for shares in its parent company.
The smartphone manufacturer, which had invested $10m in Web18 in 2009 through its Nokia Growth Partners unit, reportedly took a 3.5% stake in Network18, which would give it a return of about $23.8m.
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