Arjun departs from Reliance MediaWorks
By Patrick Frater
Sun, 05 August 2012, 23:47 PM (HKT)
Anil ARJUN (pictured) is to step down as CEO of Reliance MediaWorks Ltd, the giant Indian post production services and exhibition group which is currently undergoing a corporate reorganisation.
In a filing to the Bombay Stock Exchange, the company announced that Venkatesh RODDAM will be CEO of the film services division and that Ashok GANAPATHY will head exhibition.
Arjun will be credited as a strategic advisor to the company.
Reliance MediaWorks, which was born of the Reliance Anil Dhirubhai Ambani Group's takeover of Adlabs, has piled up losses as it expanded. This year it has announced a trio of cash raising exercises totalling over $275 million at the same time as it split itself into its two main component units.
The separation will "enhance the independent focus of each operating division and therefore enhance revenues and profitability," RMW said in its statement to the stock market.
The facilities division includes digital post-production services; content processing, image enhancement and restoration services, visual effects and 2-D to 3-D conversion services in the US, UK and India; and an 8-stage film studio in Mumbai.
The Big Cinemas circuit includes 490 screens worldwide spanning India, the US, Malaysia, Nepal and The Netherlands.
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