Kochi: Carnival Cinemas of Keralite businessman Shrikant Bhasi has taken over the multiplex business of Reliance MediaWorks of the Anil Ambani-led Reliance Group, catapulting itself as the third largest multiplex operator in the country with over 300 screens. Reliance MediaWorks runs 250 screens under the brand ‘BIG Cinemas’.
Unconfirmed reports said the deal was for Rs 700 crore and excludes IMAX Wadala (Mumbai) of Reliance MediaWorks. The deal, the biggest ever in this sector, is expected to be concluded this financial year.
Bhasi, who hails from Chalakkudi in Thrissur, said the Carnival Group has a target of running 1,000 screens by 2017.
Sam Ghosh, CEO, Reliance Capital, said in a statement: “We are delighted to begin a long term relationship with the rapidly growing Carnival Group through the sale of the multiplexes business of Reliance MediaWorks to them.” Reliance Capital is the parent firm of Reliance MediaWorks.
The Statement said ADAG’s financial services arm Reliance Capital will retain an option to acquire a stake in pre-IPO stage at an appropriate discount whenever Carnival goes for a listing.
The Mumbai-based Carnival Group, which has interests in international trade, hospitality, entertainment and media, had in July this year bought Leela Infopark, the IT infrastructure venture of the Leela group in Kochi, for Rs 280 crore.
