Anil Ambani’s Reliance Group (formerly Reliance ADAG), which is in the process of delisting two separate media companies Reliance Broadcast Network Ltd and Reliance MediaWorks Ltd, may either sell part stake in some of the business units or sell them altogether, Mint reported citing two unnamed sources.
Although such a corporate restructuring is possible even without taking the firms private, delisting would make it easier for the group.
At present, Reliance MediaWorks operates a chain of multiplexes under the brand name of BIG Cinemas, apart from offering television and film production services. Reliance Broadcast operates radio stations under the brand name of 92.7 BIG FM and television channels.
Last September, Reliance Group disclosed it is looking at a voluntary delisting of its radio and broadcasting firm Reliance Broadcast. Last month it announced a similar move for Reliance MediaWorks.
The group has struck deals where it has sold minority stakes in various group firms or formed JVs with foreign partners in the past including businesses like insurance and construction.
A year ago it signed a multi-partnership deal with Chinese conglomerate Dalian Wanda Group, straddling the township projects and multiplex business in India and abroad.
Dalian Wanda Group is one of the world’s largest real estate developers and with a recent acquisition in the US, it has also become the top multiplex operator globally.
BIG Cinemas competes with PVR and Inox-Fame in the multiplex business.
(Edited by Joby Puthuparampil Johnson) Leave Your Comment