Carnival Cinemas Limited acquired Media Works Limited for 710 crore rupees
As per the deal, Carnival agreed to acquire 100% stake in multiplex operator Big Cinemas.
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.