MUMBAI: Reliance MediaWorks, Reliance Anil Dhirubhai Ambani Group‘s film and entertainment services company, has separated its businesses into two divisions – film and media services, and film exhibition.

The company has appointed Venkatesh Roddam as the CEO of the Film and Media Services division and Ashok Ganapathy as the CEO of the Exhibition division, to enhance the independent focus on each operating division.

Reliance MediaWorks CEO Anil Arjun will henceforth be associated with the company as a strategic advisor.

The creation of two independent divisions follows signing of an indicative non-binding term-sheet by Reliance MediaWorks with an unidentified private equity fund for selling a substantial minority stake for Rs 6.05 billion. The term sheet envisages separate subsidiary for the film and media services business, after the completion of customary detailed duediligence, definitive documentation, and approvals as may be necessary.

Reliance MediaWorks‘ businesses are spread across India, the US, the UK and Malaysia.

Reliance MediaWorks has also filed a draft prospectus with the Securities and Exchange Board of India (Sebi) for a rights issue to raise Rs 6 billion.

Reliance MediaWorks‘ market capitalisation is Rs 2.54 billion based on Friday‘s closing price of the company‘s shares. Its shares closed at Rs 55.25, down 1.43 per cent.