Connect with us

Business

Reliance Capital to cut debt by Rs.700 crore with multiplexes sale

Published

10 years ago

on

Mumbai: Anil Ambani-led Reliance Capital Monday said it is selling its multiplex business to the hospitality-to-realty major Carnival Cinemas in a transaction that will reduce its overall debt by around Rs.700 crore.
images
The deal will also catapult Carnival Cinemas, which has more than 50 screens with plans for 75 more in the country in the next two months, as the third top multiplex player in the country, a statement by Reliance Capital said.

The Reliance Group, which has some 250 “Big Cinemas” screens across India under its entertainment arm Reliance MediaWorks, has the option to acquire a minority stakle in Carnival Cinemas at a discount, prior to an initial public offer by the company.

The deal excludes the real estate owned by Reliance MediaWorks at various locations and the group intends to leverage them separately to monetise them at an approximate value of Rs.200 crore, the statement added.

“The transaction is in furtherance of Reliance Capital’s stated objective of focusing purely on its core financial services businesses, significantly reducing exposures to non-core investments in media and entertainment sector,” CEO Sam Ghosh said.

Carnival Group chairman Shrikant Bhasi, a first-generation entrepreneur based out of this commercial and entertainment capital of India, said his group was targeting some 1,000 screens by 2017 and will work with Reliance Group in this regard.

“We are serious about exhibition business and moving in an organic way also. Carnival Cinemas will not only make their presence in Tier I but also lay emphasis for strong presence across Tier II and Tier III cities,” Bhasi said.

“We want to make cinemas synonymous to Carnival.”

The two groups propose to close the deal by the year-end and have  as advisors.

Related Topics:
Continue Reading

Business

Apple is giving a huge discount on its gadgets: Details inside

Published

3 years ago

on

May 5, 2022

By

If you want to buy an iPhone and were waiting for a nice offer, then we have a piece of good news for you! Amazon Summer Sale May 2022 has begun and they are offering major discounts on various smartphones, laptops, and smart TVs, among others.

The sale is live now on the e-commerce platform with no-cost EMI options and exchange discounts on various products. In addition to this, Amazon has also partnered with several banks including ICICI, Kotak Bank, and RBL so that customers get instant discounts of up to 10% using their cards and EMI transactions.

Customers can easily enjoy this summer sale and get massive discounts on iPhones. They can also compare prices on Flipkart Big Saving Days Sale 2022 before making a purchase.

 

Amazon Summer Sale May 2022: Discount offer on iPhone 13 

Apple’s coveted phone model iPhone 13 in the 128 GB storage model will be available during the Amazon Summer Sale May 2022 for Rs 64,900. The MRP of the phone is Rs 79,900. This means that the customers will be able to enjoy a discount of up to Rs 15,000 on the purchase of the iPhone 13.

If you have an old iPhone in working condition then you will also be eligible to receive another additional discount worth up to Rs 17,000 on the iPhone 13.

Buy at Rs. 64,900 (MRP – Rs. 79,900)

Features of Apple iPhone 13 

The iPhone is powered by an A15 Bionic processor with 6 core CPU. Apart from this, it has 16 core neural engines. With the iPhone 13, up to 512 GB of storage will be available. The iPhone 13 has a 6.1-inch Retina XDR display with 1000 nits brightness.

The iPhone 13 has a 12-megapixel dual rear camera setup. This time a new wide-angle camera has been given, whose aperture is f/1.6. With this, there is support for sensor optical stabilisation. Night mode has been made better than before. The second lens is also 12 megapixels ultra-wide and has an aperture of f/2.4.

Continue Reading

Trending