Pursuant to the scheme, one equity share of Reliance Unicom Ltd shall be issued in respect of every one equity share, held by the shareholders in Adlabs Films Ltd, in consideration for the demerger, it said.

The shares held by Adlabs Films Ltd in Reliance Unicom Ltd shall stand cancelled, it said.

The scheme is subject to requisite consent/approval of the requisite majority of the shareholders/ lenders/ creditors of all the companies as may be directed by the Bombay High Court, it added.

The company is also planning to foray overseas. "India is the first step in our international brand rollout. BIG Cinemas will also be rolled out across over 200 cinemas in the United States and Malaysia shortly." "We feel that the brand's fresh new look will appeal to our wide range of guests from both metros and smaller cities alike. The emphasis is on giving our guests a larger than life experience when they visit any Big Cinema across the country," BIG Cinemas Chief Operations Officer Tushar Dhingra said.

Three-time Oscar award winner Spielberg has produced some of Hollywood's most memorable films like Schindler's List, Jurassic Park and ET.

Spielberg has been reportedly unhappy with Viacom, the US media house which bought his studio DreamWorks for 1.6 billion dollars in 2006.

The mega deal with Ambani now will help Spielberg break away from DreamWorks, which is now owned by Viacom's Paramount Pictures.

Through the deal, Ambani has backed Spielberg's new studio plans with 550 million dollar of equity investment from his company Reliance Big Entertainment. Another 750 million dollars will be raised in debt. The new Bollywood-backed DreamWorks is set to produce six films a year for the global audience, said sources.

When contacted a group spokesperson did not comment. The deal will also rope in Spielberg's long-standing associate Stacey Snider as CEO of the joint venture. Snider was the chairperson of Universal Studios till 2006.

Anil Ambani-led ADAG, which has a major presence in mobile telecom, financial services and energy sectors, had acquired in 2005 Adlabs Films Ltd, one of India's the largest entertainment companies with interests in film processing, production, exhibition and digital cinema. The group recently acquired 250 screens in US and 51 screens in Malaysia.

The figures for the current quarter are not comparable to those of the comparative quarter and previous period ended March 31, 2008, it said.

The consolidated total income rose to Rs 264.07 crore for the quarter under review, while it had a consolidated total income of Rs 165.88 crore for the September quarter last year, it added.

On the standalone basis, Reliance ADAG firm posted a net loss of Rs 18.99 crore for the September quarter, whereas it had a net profit of Rs 20.30 crore for the Q2 of FY'08.

While, the company posted a net loss of Rs 18.44 crore for the six months ended September 30, whereas it had a net profit of Rs 42.21 crore for the same period last fiscal.

Shares of the company fell 18.15 per cent on Friday and settled at Rs 157.60 on the BSE.