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Tag: IMAX Wadala

  • Carnival Cinemas offers rewards for movie ticket

    Carnival Cinemas offers rewards for movie ticket

    Mumbai: Multiplex chain Carnival Cinemas, founded by Dr. Shrikant Bhasi, on Friday announced that moviegoers will receive assured gifts after booking movie tickets on www.carnivalcinemas.com. The company added that a few lucky winners will get a chance to win free hampers.

    With the aim of encouraging consumers to book their tickets online through the website, Carnival Cinemas aims to establish a strong connection with moviegoers by engaging them through its unique reward activations. The company is consistently setting benchmarks of pioneering innovation across the Indian exhibition.

    This reward campaign initiative is designed to ensure that the customers have the best experience possible. It aims to increase the excitement and anticipation for the upcoming movies. This consumer promotional offer will be available at all Carnival Cinemas theatres across India.

    The reward will be inclusive of free products, vouchers, and food & beverages. Additionally, a lucky winner will be chosen in every show at Carnival Cinemas at their IMAX Wadala theatre.

    On launching the offer for the patrons, Carnival Cinemas director and CEO Vishal Sawhney stated, “We are excited to announce the launch of our new promotional offer for our patrons! With this new scheme, our patrons can enjoy easy and convenient booking options through our website—www.carnialcinemas.com—and at the same time be rewarded for the same. We hope that our patrons will find this new scheme interesting. At Carnival Cinemas, we believe that the consumer is the most important aspect of our business. We strive to provide an excellent experience for every customer who visits our theatres by offering a variety of films to choose from, goodies and services. Our goal is to ensure that each and every person who walks through our doors has a great time and leaves with a smile on their face. We are committed to providing the best possible service and making sure that our customers are happy.”

  • Reliance Mediaworks completes sale of multiplex biz to Carnival

    Reliance Mediaworks completes sale of multiplex biz to Carnival

    MUMBAI: Reliance MediaWorks (RMW), a part of Reliance Group, has completed the transaction for sale of its multiplexes business to Carnival Cinemas Ltd.

     

    Reliance MediaWorks’ multiplex chain Big Cinemas had approximately 250 screens across the country.

     

    The entire proceeds for the sale of multiplex business have been duly received by RMW from Carnival Cinemas, and will be used to reduce Reliance Capital’s leverage by approximately Rs 700 crore, through a combination of transfer of debt of RMW and infusion of cash proceeds. 

     

    Reliance Capital executive director Sam Ghosh said, “We are happy to announce closing of this transaction with Carnival Group, which will reduce our overall leverage by approx. Rs 700 crore. This will lower our debt equity ratio to a conservative 1.75:1, amongst the lowest in the financial services sector in India.”

     

    “The transaction is in furtherance of Reliance Capital’s stated objective of focusing purely on its core financial services businesses, significantly reducing exposure to non-core investments in the media and entertainment sector, and reducing overall debt,” he added.

     

    RMW had sold its multiplex business to Carnival Cinemas in December last year, and the transaction has now been closed upon receipt of all approvals. The deal excludes real estate owned by RMW at Imax Wadala and other properties, which are intended to be separately monetized for an approximate value of Rs 200 crore.

  • Reliance MediaWorks sells multiplex business to Carnival Cinemas

    Reliance MediaWorks sells multiplex business to Carnival Cinemas

    MUMBAI: Reliance MediaWorks (RMW) and Carnival Cinemas have announced the signing of definitive agreements for sale of RMW’s multiplexes business to Carnival Cinemas in the largest ever deal in the sector in India.

    The proposed transaction will catapult Carnival to the ranks of the top three multiplex operators in the country, with over 300 screens nationwide, and set the company firmly on its path to achieve leadership in the business.

    Carnival Group chairman Shrikant Bhasi said, “I am thankful to Reliance Group chairman Anil D. Ambani for his support to a first generation entrepreneur like me, and in facilitating this transaction with Carnival Cinemas in preference to other leading cinema chains. We are targeting to achieve 1,000 screens by the year 2017, and look forward to the continued support of Reliance Group in our future growth.”

    Reliance Capital CEO Sam Ghosh added, “We are delighted to begin a long term relationship with the rapidly growing Carnival Group, through the sale of the multiplexes business of Reliance MediaWorks to them. We look forward to supporting the Group in their future growth initiatives in India and overseas.”

    “The proposed transaction is in furtherance of Reliance Capital’s stated objective of focusing purely on its core financial services businesses, significantly reducing exposure to non-core investments in the media and entertainment sector, and reducing overall debt,” added Ghosh.

    The transaction will reduce Reliance Capital’s leverage by approximately Rs 700 crore, through a combination of transfer of debt of RMW and infusion of cash proceeds.

    The deal excludes real estate owned by RMW at IMAX Wadala and other properties, which are intended to be separately monetised for an approximate value of Rs 200 crore.

    Reliance Capital will have the option to acquire a pre IPO minority stake in Carnival Cinemas at an appropriate discount, upon eventual listing of the Company.

    “We are very serious about exhibition business and are moving in an organic way also. Carnival Cinemas will not only make their presence in tier I but would lay emphasis for strong presence across tier II & III cities. We want to make Cinemas synonymous to Carnival” added Bhasi.

    The proposed transaction is subject to necessary statutory and other approvals and is expected to be closed within the current financial year.

     EY are deal advisors to Reliance Group, and KPMG are acting as deal advisors for Carnival Group.