Reliance Industries Ltd.

Reliance Industries’ (RIL) wholly owned subsidiary - Reliance Industrial Investments and Holdings (RIIH) is planning to acquire equity shares of The Indian Film Combine (IFC).

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.

RIIH will be acquiring 65% of current paid-up equity share capital of IFC from the existing shareholders for Rs 1,105 crore (20% from Mauritian arm of Xander Group, based in USA for Rs 340 crore and 45% from entities belonging to the promoter group of RIL for Rs 765 crore). The remaining 35% of IFC continues to be held by the Maker Group. The acquisition is expected to be completed by May 31, 2018. The acquisition is expected to be completed by May 31, 2018.

Reliance Industries is India’s largest private sector company. The company’s activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and 4G digital services.