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Rel MediaWorks has completed sale of multiplex biz to Carnival Group

On Tuesday, Anil Ambani led Reliance MediaWorks Ltd (RMW) said that it has completed the sale of its multiplex business to Carnival Cinemas for Rs 700 crore and the sales proceeds will be used for bringing down the Reliance Capital’s debt.

Reliance Capital Ltd Executive Director Sam Ghosh said, “We are happy to announce closing of this transaction with Carnival Group, which will reduce our overall leverage by approximately Rs 700 crore. This will lower our debt equity ratio to a conservative 1.75:1, amongst the lowest in the financial services sector in India.”

“The entire sales proceeds for sale of multiplex business have been duly received by RMW from Carnival Cinemas, and will be used to reduce Reliance Capital’s leverage by approximately Rs 700 crore, through a combination of transfer of debt of RMW and infusion of cash proceeds.”

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