Carnival bought out Big Cinemas from Reliance

The chain of multiplexes in South India, Carnival Cinemas takes on big leap with the acquisition of 'Big Cinemas' from Reliance MediaWorks (unit of Reliance Capital). With this deal, Carnival has became the 3rd largest player in this Entertainment segment in India. This agreement will help Reliance to curb down their financial obligation.

 This has came as a surprised takeover, where in this multiplex business large
players like PVR, INOX and Cinepolis are eating up small players by acquisition. But here things have happened vice versa and reportedly the deal has been finalized at the amount of Rs.710 crore.

 Carnival cinemas will establish their presence in North India with 'Big Cinemas' over 250 screens, which help the group to expand their strength of screens. Leader in this space is PVR, which recently acquired 'Cinemax' in South to take total to more than 450 screens. Second one is 'Inox' with more than 350 screens. Mexican giant 'Cinepolis' is looking to grab more space after their deal of 'Fun Cinemas'.

 Carnival Cinemas is a part of Advantage Overseas Pvt. Ltd. (AOPL) and ABC Group works in hospitality, commodity trading, movie production and distribution. Their Malayalam production venture's are "Violin", "Second Show", "Matinee" and "Hangover".