India's Reliance Media in tie-up talks with Cinepolis: report
NEW DELHI (Reuters) - India's Reliance MediaWorks RELM.NS, controlled by billionaire Anil Ambani, is in talks to sell stake in some of its movie theatres to Mexico's multiplex operator Cinepolis, the Business Standard newspaper reported on Monday.
Cinepolis, the fourth largest cinema chain in the world, is in talks to "either buy several key properties or get into a tie-up," the report said, quoting an unnamed person familiar with the development. The talks have been underway for the past two months, it said.
The report did not have any financial details of the deal.
Cinepolis has a small presence in India for the past three years. A deal with Cinepolis will help Reliance MediaWorks focus on film and media services business and reduce dependence on the multiplex business, the report said.
Reliance MediaWorks, which operates movie theatres under the brand BIG Cinemas, runs 530 screens in India and overseas.
A spokesman for Reliance MediaWorks called the story speculative and declined to comment. Cinepolis could not be immediately reached for a comment.
(Reporting by Sanjeev Choudhary and Nandita Bose; Editing by Rajesh Pandathil)