Reliance MediaWorks completes sale of multiplex business to Carnival Group

Anil Ambani-led Reliance MediaWorks Ltd completed the sale of its multiplex business to Kochi based Carnival Cinemas that fetched approximately 700 crore rupees.
Reliance MediaWorks operates under the aegis of Reliance Capital which runs ‘BIG Cinemas’ a cinema chain that own over 250 screens across the country.
The sale procedure had started in December 2014 in line with its objective of focusing on core financial services businesses and to reduce overall debt.
Note: Carnival Cinemas is based in Kochi, with this deal it has become India’s third largest multiplex operator and now will own over 300 screens nationwide.

Month: Current Affairs - August, 2015