Reliance Land Private Ltd, a part of the Anil Ambani-led Reliance Capital group, Thursday said it proposed to acquire entertainment firm Adlabs for Rs.3.5 billion ($83 million).

The acquisition is subject to the capital market watchdog Securities and Exchange Board of India's takeover regulations, and shareholder and other approvals, said a company statement.

"We are proposing to acquire Adlabs by pursuing the large opportunity to infuse capital and provide management bandwidth to promising companies as a planned strategy of growth," said a Reliance spokesman.

"The proposed acquisition reflects our commitment to deploy our financial and management resources to maximise value for our shareholders by actively supporting the growth of outstanding companies," he told reporters here.

Other details of the acquisition deal were not divulged.

Set up in 1978, Mumbai-based Adlabs is India's leading motion picture processing laboratory.

In recent years, Adlabs has ventured into the entertainment industry by bringing to India the country's first Imax theatre and a cinema multiplex.

This is the first major acquisition deal announced by Reliance after the group was divided between the two Ambani brothers - Mukesh and Anil - to settle a seven-month ownership slugfest.

Under the settlement, Mukesh has complete control over oil refining and gas firm Reliance Industries and Indian Petrochemicals Corporation Ltd (IPCL).

The younger Ambani, on the other hand, has been entrusted the management of power utility Reliance Energy, financial services major Reliance Capital and telecom company Reliance Infocomm.