Mumbai: Indian oil and gas major Reliance Industries (RIL) denied on Tuesday a media report that the company was interested in buying a stake in TV firm Network 18.

A file photo of RIL chairman Mukesh Ambani.

“We deny that we have any interest in picking up a stake in Network 18," a Reliance spokesman said.

He declined to comment on whether Ambani, with a personal wealth of $22.6 billion according to Forbes Magazine, was interested in acquiring a personal stake in the firm. The report, citing unnamed sources, was ambigious on how the stake would be bought.

Shares in the company, which broadcasts CNBC, MTV and CNN in India, had pared early gains to trade at Rs40 ($0.76), up 10.8% at 1145 am, in a Mumbai market that was trading down 0.1%.

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