Mumbai: Reliance MediaWorks, a film and entertainment company, said its board had approved separating its exhibition and film and media services businesses into subsidiaries.
The firm, controlled by billionaire Anil Ambani, said the proposed restructuring is a precursor to inviting investments from strategic and private equity investors who have expressed an interest in specific businesses.
"The proposed subsidiarisation will better position the company to pursue strategic growth opportunities in its specific businesses and enable the company to enhance its business, revenues and profitability and also expand products and service offerings," it said in a statement on Saturday.
The transfer of the businesses is subject to shareholder approval.
Reliance MediaWorks has plans to launch a 5 billion rupee rights issue by March. It is also in talks to raise 4 billion to 5 billion rupees from global private equity firms and other investors to cut its debt of 15 billion rupees, Chief Executive Anil Arjun said in December.