Reliance MediaWorks gets Rs 605 cr funding from international PE firm

Reliance MediaWorks (RMW) has announced signing of an agreement with an international private equity firm for funding of Rs 605 crore for its film and media services division.

The investor's name, however, was not disclosed.

Under the terms of the pact, "the potential investor has provided an indicative non-binding proposal to acquire a substantial minority stake in Reliance MediaWorks' Film and Media Services division for an investment of Rs 605 crore," RMW said in a statement.

The two parties have agreed to exclusivity for the next 90 days.

The proposed investment is subject to completion of customary detailed due-diligence, definitive documentation, completion of subsidiarisation of the film and media services business, and approvals as may be necessary, it added.

RMW undertakes work like motion picture processing, audio restoration and image enhancement, 3D and digital mastering, among others.

It also operates BIG Cinemas, which has with over 490 screens across India, the US, Malaysia and Nepal as well as a television joint venture, BIG Synergy.

With inputs from PTI