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Reliance Group concludes multiplex sale, debt cut by Rs.700-crore

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Mumbai: Reliance MediaWorks, a part of the Anil Ambani-led group, on Tuesday said it has concluded the sale of its multiplex business in a cash-cum-debt transfer deal, which will cut its parent company’s liabilities by Rs.700 crore.

The group said the deal was the largest in for the sector in India, adding that talks were also on for another potential deal worth around Rs.200 crore for the sale of realty.

“The multiplex sale will lower our debt equity ratio to a conservative 1.75:1 — amongst the lowest in the financial services sector in India,” Sam Ghosh, executive director of the parent company, Reliance Capital, was quoted as saying in a regulatory filing with stock exchanges.

“The transaction is in furtherance of Reliance Capital’s stated objective of focusing purely on its core financial services businesses, significantly reducing exposure to non-core investments in the media and entertainment sector, and reducing overall debt.”

But the deal excludes real estate owned by Reliance MediaWorkd at IMAX Wadala and some of the other properties, which are intended to be separately monetised for an approximate value of Rs.200 crore, the company said.

Reliance MediaWorks 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.

At that time, the Reliance Group, which has some 250 “Big Cinemas” screens across India under its entertainment arm Reliance MediaWorks, had said it had the option of acquiring a minority stake in Carnival Cinemas at a discount, prior to an initial public offer by the company.

The chairman of hospitality-to-realty major Carnival Cinemas, Shrikant Bhasi, had said at the time of the deal that the group was targeting some 1,000 screens by 2017 and would 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 had said.

“We want to make cinemas synonymous to Carnival.”

Business

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

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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.

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