Industrialist Anil Ambani has sold out major portion of his Big Cinemas multiplex chain operated by Reliance Media Works to Carnival Cinemas for Rs 700 crore. However, Reliance will retain IMAX Adlabs and few other real estate properties which are worth Rs 200 crore. The proceedings will be used for paying off some part of Reliance Capital's debts.
In return, Reliance Group will be given an opportunity to acquire a minority stake when Carnival Cinemas goes public.
Carnival Cinemas is a South India-based Firm with interests in media, entertainment and hospitality. With the new deal, Carnival Cinemas will emerge as one among the Top 3 Multiplex Chains in India. Currently, It had 300 screens all over the country.
Reportedly, Carnival Cinemas is aiming at owning 1,000 screens in India by 2017.