By IANS,
Mumbai : Reliance MediaWorks Limited Wednesday announced the signing of a term sheet to get an investment of Rs.605 crore from an international private equity fund.
In return, the potential investor, whose details were not revealed as of now, will acquire a substantial minority stake in Reliance MediaWorks’ Film and Media Services division, said to a statement.
Reliance MediaWorks and the potential investor have agreed to exclusivity for the next 90 days, during which the company will not initiate talks with any other investor.
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.
Reliance MediaWorks has a presence in film and media services like motion picture processing and DI (digital intermediate); film, audio restoration and image enhancement; 3D; digital mastering: studios and equipment rentals; visual effects; animation; broadcast and television commercial post production with presence across India, the US and Britain.