Reliance Industrial Investments and Holdings, a wholly owned subsidiary of RIL has proposed to acquire a 65% stake in Indian Film Combine for Rs 1,105 crores ($171m) from its existing shareholders, as reported by Mint and Business Standard. As per the BSE filing, RIIHL will be acquiring 20% of the current paid-up equity share capital from the Mauritian arm of US-based Xander Group for Rs 340 crores and 45% from entities belonging to the promoter group of RIL for Rs 765 crores, while the remaining 35% will continue to be held by the Maker Group. The acquisition is expected to be completed by May 31, 2018.

AZB & Partners advised Reliance Industrial Investments and Holdings and Indian Film Combine in the transaction and was represented by partners Ashwath Rau and Kashish Bhatia along with associates Karishma Muravne and Sruti Baid.

Correction 28 February 2018: We have been advised that Covington Burling did not advise Reliance on this deal.

Incorporated in 1942, IFC is building a drive-in theatre and hospitality precinct on approximately 12 acres of land in Mumbai’s Bandra Kurla Complex where RIL is also engaged in construction and development of a convention centre, a retail mall and office space. In its filing, RIL also stated that together with the IFC project, they aim to create the city’s most attractive retail and entertainment destination which will complement its world-class convention centre, helping them derive commercial and operational synergies to enhance its shareholder value.