Disney has just signed a deal with one of the biggest companies in India in a move that will prove incredibly significant for the company.

For a few months now, the Walt Disney Company has been trying to find its footing and solidify its presence in the various markets it is a part of, but there’s one that has proven particularly difficult. India. Disney has previously acknowledged India as its “most challenging market” and the company has been trying to work out a strategy in the country for years now.

It seems like they just might have found the solution.

Related: Disney Could Solidify its Entertainment Empire with Massive New Merger

Reliance and Disney Sign a Historic Mega-Merger

Earlier this year, we reported that Reliance Industries Ltd. (owned by businessman and billionaire Mukesh Ambani) and the Walt Disney Co. were in talks to negotiate a deal to merge assets of their two entertainment operations in India. At the time, a source familiar with the matter shared that the Mukesh Ambani-led Reliance Industries might also be “acquiring a majority stake.”

As it turns out, these reports have turned out to be proven true.

Related: Disney Considers Selling Assets to Asia’s Richest Billionaire

As reported by The Hindustan Times, “Reliance and Disney Star have signed a non-binding agreement in London last week.”

The deal is massive, to say the least. It would establish one of India’s “biggest entertainment powerhouses,” one that rivals TV giants like Zee Entertainment and Sony, as well as streaming giants like Netflix and Amazon Prime.

Of course, not all aspects of the deal have been finalized, the mega-merger is set to be completely finalized by February 2024, including all commercial ratifications and regulatory approvals. The merged entity will be owned 51% by Mukesh Ambani-led Reliance Industries Ltd., and 49% by Disney; however, both companies will have an equal number of directors.

#MukeshAmbani's #Reliance-Disney Star sign new deal, mega-merger to be finalised by February 2024https://t.co/xLVQPHiDya pic.twitter.com/1Z1OzuI2Um

— Hindustan Times (@htTweets) December 25, 2023

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Reliance’s streaming platform Jio Cinema and Disney+ Hotstar are expected to be a part of the deal as well. The merger is set to uplift Hotstar as it continues to get weighed down by losses and help Disney’s struggling streaming business as well.

Some are also expecting that Mukesh Ambani’s eldest son, Akash Ambani, will be on the board of directors, though  Uday Shankar of Bodhi Tree, which holds the largest shares in Viacom18 after Reliance, is also a contender for the seat.

This post is originally appeared on Disney Fanatic.