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Reliance MediaWorks in deal with PE for Rs 6 bn

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MUMBAI: Debt-laden Reliance MediaWorks (RMWL), controlled by Reliance ADAG, has agreed to capital infusion of Rs 6.05 billion from an undisclosed international private equity firm.

The company said Wednesday it has signed a term-sheet agreement for a ‘substantial‘ minority stake in its film and media services division.

RMWL runs a cinema exhibition business under Big Cinemas, a TV production unit under Big Synergy, and a film and media services segment.

The company plans to use the funds to cut debt and for expansion. Last year, RMWL had announced plans to raise Rs 5 billion via rights issue to reduce its debt. RMWL‘s debt is over Rs 10 billion and has been a matter of concern for the Anil Ambani-controlled company.

RMWL MD Anil Arjun declined to disclose the name of the private equity fund as the two parties have agreed to exclusivity for the next 90 days.

The proposed investment is subject to completion of customary detailed due diligence, definitive documentation, and completion of subsidiarisation of the film and media services business, and approvals.

Early this year, RMWL board had given the nod to hive off its exhibition and film and media services businesses into subsidiaries.

RMWL has a presence in Film and Media Services; Motion Picture Processing and DI; Film, Audio Restoration and Image Enhancement; 3D; Digital Mastering: Studios and Equipment rentals; Visual Effects; Animation; Broadcast and TVC Post Production with presence across India, USA and the UK.

RMWL had earlier said that it will deepen its presence in the Tamil and Telugu markets to expand its domestic entertainment services portfolio across films, broadcast and television commercials.

The company had reported net loss of Rs 5.18 billion on net sales of Rs 7.98 billion for the fiscal 2011-12.

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