RIL in focus on proposal to acquire 65% stake in Indian Film Combine

Reliance Industries (RIL) said that its wholly owned subsidiary Reliance Industrial Investments and Holdings (RIIHL) proposes to acquire equity shares of The Indian Film Combine (IFC), which is setting up a drive-in theatre and hospitality precinct comprising of a hotel, a retail mall and a club, built on about 12 acres of land in Bandra Kurla Complex (BKC), Mumbai. The announcement was made after market hours on Friday, 16 February 2018.

RIIHL will be acquiring 65% of current paid-up equity share capital of IFC from the existing shareholders for Rs 1105 crore (20% from Mauritian arm of Xander Group, Inc. 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 31 May 2018.

RIL is engaged in construction and development of a convention centre, a retail mall and office space at BKC, Mumbai. Together with the aforesaid IFC project, RIL will create the city's most attractive retail and entertainment destination which will complement its world-class convention centre. RIL would be able to derive commercial and operational synergies to enhance its shareholder value.

The acquisition from the promoter group entities of RIL is on arms-length basis and at the same valuation at which equity shares of IFC are being purchased from the Xander Group.

Meanwhile, RIL's chairman and managing director Mukesh Ambani was quoted as saying over the weekend that the company and its global partners will set up the country's first integrated industrial area in Maharashtra with an investment of Rs 60000 crore.

Infosys announced that it has on 15 February 2018 signed an agreement for divestment of its entire investment from Onmobile Systems Inc. USA for a total consideration of $2.5 million. The announcement was made after market hours on Friday, 16 February 2018.

Natco Pharma announced the successful completion of regulatory inspection from the United States Food and Drug Administration (USFDA) for its active pharmaceutical ingredient (API) facility near Hyderabad, which was conducted during the period 12 February 2018 to 16 February 2018. The regulatory audit resulted in zero observations i.e. no form 483 issued. The announcement was made on Saturday, 17 February 2018.

KPR Mill announced that its board meeting is scheduled to be held on 22 February 2018 to consider the proposal for buyback of the fully paid-up equity shares of the company. The announcement was made on Saturday, 17 February 2018.

PG Electroplast announced that it has successfully commissioned the PU paint shop at its Greater Noida facility. The company has entered into a strategic tie up with Orient Electric for this PU paint shop. The current capacity of the PU paint shop is 2,000 fans per day. The announcement was made after market hours on Friday, 16 February 2018.

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