Reliance MediaWorks, Reliance Anil Dhirubhai Ambani Group’s film and entertainment services company, will be restructuring its business under two divisions—film and media services, and exhibition, the company reported in a BSE filing (.pdf).The company expects to take advantage of the independent focus on the split operating unit to bring more profitability. The company also informed that Reliance MediaWorks CEO Anil Arjun, will be stepping down, and will now serve as a strategic adviser.
The Film and Media Services which includes post-production, CGI, digital restoration and 2D to 3D conversion operations, will be headed by Venkatesh Roddam. He will relocate to Reliance’s Burbank facility in October, to attract Hollywood business. The film and entertainment unit has operations across India, US, UK and Malaysia. The Exhibition business will be headed by Ashok Ganapathy.
Apart from that, Reliance MediaWorks has also signed an agreement with a private equity fund to acquire a minority stake in the Film and Media Services division for Rs 605 crore. The agreement is subject to due diligence and approvals. The company is also applying to financial regulator Securities and Exchange Board of India (SEBI) to raise Rs 600 crore through a rights issue to existing shareholders.
Reliance MediaWorks offers integrated services to production houses, studios and broadcasters. It also operates BIG Cinemas, which the company claims has 490 screen across India, US, Malaysia, and Nepal.