The Hindu Business Line : Reliance Capital to buy 51% in Adlabs Films

TWO weeks after he took charge of a section of the Reliance Group, Mr Anil Ambani is already in acquisition mode. Reliance Land Ltd, a part of Reliance Capital Group, on Thursday announced that it proposes to acquire 51 per cent stake in Adlabs Films Ltd at a cost of Rs 360 crore.

The acquisition would be subject to SEBI regulations and other necessary approvals, said a news release from the group. As per the regulations, it would necessitate an open offer by Reliance Land to the shareholders of Adlabs.

Adlabs Films owns a chain of multiplex theatres across the country, its best known one being the IMAX Adlab theatre complex in Mumbai. The company is in the business of film production, distribution and exhibition too, and has some well-known productions to its credit. The company has been planning to enter the TV content business as well. Along with its digitisation programme for easier distribution of films, its activities would be complementary to that of Reliance Infocomm.

"Pursuing the large opportunity to infuse capital and provide management bandwidth to promising companies as a planned strategy of growth, we are proposing to acquire Adlabs, a leading company in the entertainment sector," said the release.

The proposed acquisition reflects the group's commitment to deploy its financial and management resources to maximise value for its shareholders, by actively supporting the growth of outstanding companies, having demonstrated vision, a proven track record of performance and holding the potential to play leadership roles in exciting new growth areas of the future, added the release.

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