(FE)
Reliance Industries’ (RIL) wholly owned subsidiary Reliance Industrial Investments and Holdings (RIIHL) proposes to acquire equity shares of The Indian Film Combine (IFC), for `1,105 crore, according to a statement on stock exchanges. As part of the transaction, RIIHL will be acquiring 65% of current paid-up equity share capital of IFC from the existing shareholders. This will include 20% from the Mauritian arm of Xander Group Inc based in the US for `340 crore and 45% from entities belonging to the promoter group of RIL for `765 crore. The remaining 35% of IFC continues to be held by the Maker Group, the company said. The acquisition is expected to be completed by May 31, 2018.
A company incorporated in 1942, IFC is setting up a drive-in theatre and hospitality precinct comprising of a hotel, a retail mall and a club, built on approximately 12 acres of land in Bandra Kurla Complex (BKC), Mumbai. RIL is engaged in construction and development of a convention centre, a retail mall and office space at BKC, Mumbai. The company said that together with the IFC project, RIL aims to create a retail and entertainment destination which will complement its upcoming convention centre.
