Inox, Reliance MediaWorks deny deal talks

MUMBAI: Inox Leisure on Friday said that its promoters were not negotiating to sell a stake to Reliance MediaWorks.

“We wish to clarify that the promoters of Inox are not considering the sale of their stake in Inox, have not mandated any merchant banker for discussions on any such sale, nor are they in discussions with any person or company for any such sale,” according to a statement from the company.

Its denial was echoed by Reliance MediaWorks. “We refer to a report in the section of the media and categorically deny any discussion by Reliance MediaWorks and any offer by us to acquire any controlling stake in Inox Leisure.”

Both companies were responding to a story in ET, which had said that Reliance MediaWorks was negotiating to buy a majority stake in Inox.