Anil Ambani-led Reliance group has sold out largest Multiplex Chain Big Cinemas to Cochi based firm Carnival Cinemas for huge amount of 700 crores. This amount will be used for clearing the debts that caused by Reliance Capital.Reliance retained IMAX Adlabs and some other real estate properties worth rs 200 crores.
The proposed transaction is expected to be closed within the current financial year. Post completion of Transactions Reliance Group will be given some minor stock in Carnival Cinemas. With acquiring Big cinemas chain Carnival becomes the top three multiplex operators in India with over 300 screens nationwide.
Earlier there were rumors that Big Cinemas will be sold to its rival Inox Cinemas but Carnival came between and clinched the deal.
The proposed transaction is expected to be closed within the current financial year. Post completion of Transactions Reliance Group will be given some minor stock in Carnival Cinemas. With acquiring Big cinemas chain Carnival becomes the top three multiplex operators in India with over 300 screens nationwide.
Earlier there were rumors that Big Cinemas will be sold to its rival Inox Cinemas but Carnival came between and clinched the deal.