Top Story

e4m_logo.png

Home >> Media - Others >> Article

Reliance Mediaworks completes sale of its multiplex business

05-August-2015
Font Size   16
Share
Reliance Mediaworks completes sale of its multiplex business

Reliance MediaWorks, a part of Reliance Group, has completed the transaction for sale of its multiplexes business to Carnival Cinemas Ltd., in the largest ever deal in the sector in India.

The entire sales proceeds for sale of multiplex business have been duly received by RMW from Carnival Cinemas, and will be used to reduce Reliance Capital's leverage by approx. Rs. 700 crore, through a combination of transfer of debt of RMW and infusion of cash proceeds.

Sam Ghosh, Executive Director, Reliance Capital Ltd., stated, "We are happy to announce closing of this transaction with Carnival Group, which will reduce our overall leverage by approx. Rs 700 crore. This will lower our debt equity ratio to a conservative 1.75:1, amongst the lowest in the financial services sector in India.

The transaction is in furtherance of Reliance Capital's stated objective of focusing purely on its core financial services businesses, significantly reducing exposure to non-core investments in the media and entertainment sector, and reducing overall debt," added Mr. Ghosh.

RMW had announced sale of its multiplex business to Carnival Cinemas in December last year, and the transaction has now been closed upon receipt of all approvals. The deal excludes real estate owned by RMW at IMAX Wadala and other properties, which are intended to be separately monetized for an approx. value of Rs. 200 crore.

Siddharth Kumar Tewary, Founder, Chief Creative, One Life Studios and Swastik Productions, on owning the IP on his most ambitious project 'Porus,' the risk of recovering its cost and his distribution strategy

Webscale plans to build the brand around smooth operations for the e-commerce sector and then move on to demand generation

Shriya Ghate, Business Head, Tinkle, spills the beans on the company's vision for its special line of merchandise launched to celebrate its 37th anniversary, its pricing, marketing strategies, and more

Vivek Patni, Director of Wonder Cement, on the current marketing strategies and challenges that brand owners face

Luis Fonsi, Rita Ora, Jain of Makeba fame , Dimitri Vegas, Jason Derulo, Charly Black and Dasu, J Balvin, Parineeti Chopra, Tiger & Jackie Shroff speak exclusively to the radio channel

The Film-Maker, as the host of ‘Calling Karan’, Will Be Just A Phone Call Away From Listeners Seeking Advice On Love & Relationship

The group aims to double its FMCG turnover to Rs. 1,000 crore over four years.