Reliance Media to move businesses to subsidiaries

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Reliance Media to move businesses to subsidiaries

Reliance MediaWorks, a film and entertainment company, said its board had approved separating its exhibition and film and media services businesses into subsidiaries.

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Reliance MediaWorks , a film and entertainment company, said its board had approved separating its exhibition and film and media services businesses into subsidiaries.

The firm, controlled by billionaire Anil Ambani, said the proposed restructuring is a precursor to inviting investments from strategic and private equity investors who have expressed an interest in specific businesses.

"The proposed subsidiarisation will better position the company to pursue strategic growth opportunities in its specific businesses and enable the company to enhance its business, revenues and profitability and also expand products and service offerings," it said in a statement on Saturday.

The transfer of the businesses is subject to shareholder approval.

Reliance MediaWorks has plans to launch a Rs 500 crore rights issue by March. It is also in talks to raise Rs 400-500 crore from global private equity firms and other investors to cut its debt of Rs 1,500 crore, Chief Executive Anil Arjun said in December.