“Reliance Industries, India’s largest listed firm, is set to sign a deal with the Indian unit of Walt Disney, one of Bollywood’s largest entertainment groups, to acquire content for its telecom operations”, the Financial Times said.

The deal is between Reliance and UTV Software, in which Disney controls with 50.44 percent, is expected to be sealed in the coming weeks.

Though the company’s petrochemicals, refining, and oil and gas-related operations form the core of its business, however, other segment of the company includes textile, retail business, telecommunications and special economic zone (SEZ) development. According to the company website “1 out of every 4 investors in India is a Reliance shareholder.”. Reliance has more than 3 million shareholders, making it one of the world’s most widely held stocks.

The deal is expected to give Reliance access to games, entertainment and children’s content on their 4G platform, the paper said.

Last year Reliance acquired Infotel and In June, Reliance signed a joint venture with DE Shaw, a U.S. hedge fund, for acquiring Bharti Enterprises 74 percent stake in an insurance joint venture with France’s Axa. In February 2011, Reliance Industries announced the formation of a strategic partnership with British energy giant, BP Plc, worth US $7.2 billion.