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MUMBAI:
Billionaire investor George Soros has picked up three per
cent stake in Reliance Entertainment for $100 million (Rs
4 billion), pegging the Anil Ambani company at a stunning
valuation of around $3 billion (approximately Rs 120 billion).
Reliance
Entertainment, 100 per cent owned by Ambani, has presence
in three lines of business - new media, filmed entertainment
and TV broadcasting.
"All
these businesses will need huge capital. We will be raising
further funds," says Reliance Entertainment president
Rajesh Sawhney while confirming that Soros had acquired three
per cent in the company.
Reliance
Entertainment will be getting into the broadcasting space
in the second half of this year. "We have a bouquet strategy
and will be launching channels in the news and entertainment
space," Sawhney tells indiantelevision.com while
refusing to provide specific details.
When
asked about the fund-raising programme of the company, Sawhney
said nothing had been firmed up yet. "It could be debt,
private placement and an initial public offering (IPO). We
haven't decided yet," he added.
Under
its new media initiatives, Reliance Entertainment has already
launched a number of ventures: Zapak, a gaming portal; Big
Adda, a social network and social media venture; Big Flicks,
an online and offline movie rentals business; and Jump Mobile,
a mobile entertainment venture.
In
filmed entertainment, the company is engaged in movie production
and distribution. It also runs allied ventures like music,
home and animation and special effects. Reliance Entertainment
recently acquired controlling stake in India's largest production
studio - ND Studio.
Ambani's
direct-to-home (DTH) venture is housed in Reliance Communications
while FM radio is with Adlabs Films Ltd.
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