Dreams, drama, downfall

A bunch of strategic mistakes has pushed a promising business from Anil Ambani's stable into a wind-down mode

Barely a week after the Ambani brothers officially announced the division of their business empire in June 2005, younger brother Anil acquired a majority stake in Mumbai-based film processing and exhibition company Adlabs. The ₹360-crore deal — a pittance by Reliance Group standards — got Ambani junior a 51% holding in the company, marking the entry of the newly demerged Reliance into the entertainment business. The Adlabs investment was made by Reliance Capital, a company that Anil now owned and one that would spearhead the group’s foray into a business that — for some years — had caught his fancy.