For Rs 700 crore
Reliance MediaWorks has completed the transaction for sale of its multiplexes business to Carnival Cinemas, in the largest ever deal in the 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 approx. Rs. 700 crore, through a combination of transfer of debt of Reliance MediaWorks and infusion of cash proceeds.
RMW had announced sale of its multiplex business to Carnival Cinemas in December last year, and the transaction has now been closed upon receipt of all approvals. The deal excludes real estate owned by RMW at IMAX Wadala and other properties, which are intended to be separately monetized for an approx. value of Rs. 200 crore.
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