Reliance MediaWorks splits into two businesses
Indian facilities and exhibition powerhouse, Reliance MediaWorks (RMW), is restructuring into two separate businesses to be run by two separate CEOs.
The changes, designed to “enhance the independent focus on each operating unit” according to a statement, will take affect across RMW’s global operations in India, the US, the UK and Malaysia.
The Film and Media Services, which includes post-production, CGI, digital restoration and 2D to 3D conversion operations, will be headed by Venkatesh Roddam. The Exhibition business will be headed by Ashok Ganapathy.
Former RMW CEO Anil Arjun is stepping down and will be associated with the company as a strategic advisor.
RMW also recently signed an agreement with private equity fund which will acquire a substantial minority stake in the Film and Media Services division for an investment of $109.2m (Rs6.05bn). The agreement is subject to due diligence and approvals.
RMW is also applying to India’s financial regulator SEBI to raise $108.3m (Rs6bn) through a rights issue to existing shareholders.