Film and entertainment services company Reliance MediaWorks (RMW) is mulling to restructure its businesses by creating separate arms for exhibition, and film and media services divisions.
According to the company, the restructuring is aimed at pursuing strategic growth opportunities in each specific areas to enhance revenues and profitability, besides expanding products and service offerings.
Commenting on the development Reliance MediaWorks CEO Anil Arjun told PTI: "We have got an approval from the board today to restructure the business and in the next few months we will decide how it has to be done."
This strategic structuring initiative will enable the company to effectively pursue the best business opportunities available to each operating unit independently, he said.
"It will also enable us to remain well positioned and appropriately structured for sustainable, long-term growth," Arjun added.
In the film exhibition space, RMW operates 530 screens under BIG Cinemas brand in India, USA, Malaysia, Nepal and the Netherlands.
The firm's media services business includes digital post production facilities and studios for feature films and television.
RMW has 51% stake in the television production division, BIG Synergy and the rest with Synergy Media.
Reliance MediaWorks has received board approval for raising an amount upto Rs 500 crore by way of rights offer of equity shares to the company's shareholders and the process is underway.
"The funds raised through rights issue would be utilised, inter alia, for substantially reducing the debt of the company, incurred for creating the asset base," the company said.