Reliance Industries Ltd (RIL) Chairman Mukesh Ambani has reportedly picked up a stake in a new, high-definition television channel that is expected to go on air sometime next month.

The channel, called Epic TV, will offer content based on the country's history, mythology and folklore in a contemporary design. Epic Television Network was set up in October last year by Walt Disney Co's former managing director Mahesh Samat.

When contacted, a RIL spokesperson confirmed the development but refused to offer details. The spokesperson also said that the investment by Mr. Ambani was in his personal capacity. The investment was routed through Mr. Ambani's personal firm Reliance Ports & Terminals.

Emerging reports suggest that Ambani holds more than 25 per cent stake in the TV venture. Mahindra Group Chairman Anand Mahindra also holds around 25 per cent stake in the venture.

The Epic TV is not Mr. Ambani's first broadcasting venture as he already holds a stake in the Network18 Group. In January last year, Mr. Ambani had agreed to invest nearly Rs 2,000 crore in debt-ridden media companies Network18 and TV18 Broadcast, which operates channels like Colors, CNBC and CNN-IBN.