71% stake purchased for $83 mil
NEW DELHI — One of India’s biggest private-sector groups, Reliance, announced Thursday its plans to acquire a 71% stake in film production and processing company Adlabs for $83 million.
Adlabs owns a chain of multiplexes across India as well as the popular Imax theater in central Mumbai.
The acquisition, Reliance’s first foray into Bollywood, comes within two weeks of Anil Ambani taking charge of Reliance Capital as part of a deal struck with his older brother, Mukesh, in dividing up the $23 billion Reliance group.
Adlabs has produced a number of Bollywood pics, including “Gangajal” (Ganges Water) and “Waqt” (Time). Manmohan Shetty, who owns a 31% stake, will continue as chairman.Private entities own the rest of the company.