MUMBAI (Reuters) - Indian billionaire Mukesh Ambani's Reliance Industries and Walt Disney on Wednesday announced the merger of their India TV and streaming media assets, creating a $8.5 billion powerhouse in the world's most populous nation.

The merged entity will have 120 TV channels and two streaming platforms, making its business much larger than rivals such as Japan's Sony, Netflix and India's Zee Entertainment in the country's $28 billion media and entertainment sector.