Reliance MediaWorks to restructure business

MUMBAI: Reliance Mediaworks Ltd , part of billionaire Anil Ambani's group, said on Thursday its board will explore options for restructuring its business, including creating subsidiaries for exhibition and film and media services divisions. The restructuring will help position the film and entertainment services company to pursue strategic growth and enable it to boost revenues and profitability as well as expand products and service offerings, it said in a statement. Its film and media services division is expected to be a dominant contributor of revenues with over 60 percent share in FY13, it added. "This strategic structuring initiative will enable us to effectively pursue the best business opportunities available to each operating unit independently," Chief Executive Anil Arjun said in the statement. Reliance MediaWorks has also received board approval to raise upto 5 billion rupees through a rights issue for "substantially reducing the debt, incurred for creating the asset base."