Anil Ambani-led Reliance Group has sold its
multiplex business to South-India based Carnival Group in the largest ever deal
in this space.
The transaction will reduce Reliance Capital 's
overall debt by Rs 700 crore and is part of Reliance Capital's strategy to exit
minority investments.
The deal will make Carnival the third largest
multiplex operator with nationwide presence and over 300 screens, a statement
said on Monday.The firms did not disclose the exact value of the
deal.
The deal struck between Carnival Cinemas and
Reliance MediaWorks, will exclude IMAX Wadala (Mumbai) and some other
properties worth Rs 200 crore, the statement added.
Reliance Capital is the parent firm of Reliance
MediaWorks, which operates one of the largest cinema chains, under the brand
'BIG Cinemas' with over 250 screens pan-India.
Reliance Capital will retain an option to acquire a
stake in pre-IPO stage "at an appropriate discount" whenever Carnival
goes for a listing.
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