FILE PHOTO: A guard stands next to a banner of Zee television outside a film studio in Mumbai, India, September 24, 2021. REUTERS/Francis Mascarenhas/File Photo/File Photo

MUMBAI (Reuters) – Invesco on Wednesday denied allegations from India’s Zee that the U.S. investment firm pitched a merger with another group that would have hurt shareholder interests before opposing the TV group’s potential deal with Japan’s Sony Group.

Zee on Tuesday said opposition from Invesco, which owns roughly 18% of Zee Entertainment via two funds, to the proposed Zee-Sony merger was hypocritical as it tried to combine the media firm with “certain entities owned by a large Indian group” with terms similar to the Sony deal.

Revealing the group’s identity for the first as Reliance Industries, Invesco said the merger talks were between the Mukesh Ambani-run company and Zee CEO Punit Goenka’s family. Invesco’s role was to “help facilitate that potential transaction and nothing more,” it said.

Reporting by Abhirup Roy, Editing by Raju Gopalakrishnan

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