Carnival Cinemas Limited acquired Media Works Limited for 710 crore rupees

Dec 16, 2014 14:55 IST

Carnival Cinemas Limited on 15 December 2014 acquired Anil Ambani led Media Works limited for 710 crore rupees.

As per the deal, Carnival agreed to acquire 100% stake in multiplex operator Big Cinemas, a division of Reliance MediaWorks Ltd.

Reliance MediaWorks Ltd (RMW) is a part of Reliance Capital of Reliance group. 

With the addition of 242 screens of Big Cinemas, Carnival is now within the top 3 film exhibition companies with over 300 screens nationwide.

Other two companies are PVR Cinemas and Inox. India currently has 1700 multiplex screens with PVR in pole position with 454 screens, followed by Inox at 361 screens.

The deal will enable Reliance Capital to reduce its debt by 700 crore rupees through a combination of transfer of debt of RMW and infusion of cash proceeds.

Is this article important for exams ? Yes10 People Agreed
Read more Current Affairs on: Big Cinemas , Reliance , Carnival cinemas

Latest Videos

Register to get FREE updates

    All Fields Mandatory
  • (Ex:9123456789)
  • Please Select Your Interest
  • Please specify

  • ajax-loader
  • A verifcation code has been sent to
    your mobile number

    Please enter the verification code below

This website uses cookie or similar technologies, to enhance your browsing experience and provide personalised recommendations. By continuing to use our website, you agree to our Privacy Policy and Cookie Policy. OK