In a significant development, the South India-based Carnival Group has bought ‘BIG Cinemas’ the multiplex business of Reliance Groups led by Anil Ambani. The deal would reduce the debt of Reliance Capital by Rs 700 crore.
However, the exact value of the deal was not disclosed by either firm. With the deal, the Carnival Group has become third largest multiplex operator India. PVR and INOX are the two major players in India in the multiplex business arena.
The deal struck between Carnival Cinemas and Reliance Media Works, excluding the IMAX Wadala (Mumbai) and some other properties worth Rs 200 crore.
Under the BIG Cinema, Reliance Media Works has 250 screen pans- India, and its parent firm is Reliance Capital.
It is noteworthy that, Reliance Capital had announced that it would focus on core business and was in the process of encasing its minority investments.