MUMBAI: Anil Ambani is busy poaching executives from rival media organisations. The latest to join Adlabs Films Ltd is Balaji Telefilms chief financial officer V Devarajan.

"We are taking in Devarajan as our CFO. He willl be joining us soon," says a senior executive in Adlabs Films.

Devarajan joined Balaji Telefilms as CFO in 2002 and was responsible for putting in place processes that resulted in operational cost efficiencies.

Devarajan's resignation as Balaji CFO was effective 9 May and India's leading soap factory moved swiftly to put in a replacement. Sandeep Jain takes over from the departing Devarajan as the new Balaji CFO with immediate effect.

Adlabs is in a major expansion spree and is ramping up its film exhibition and production businesses. The company recently bought out the entire stake of Mukta Arts in a joint venture company for digital distribution of movies.

Adlabs Films' board recently approved the proposal for demerger of its FM radio business to a wholly owned subsidiary, Adlabs Radio Pvt Ltd. Adlabs plans to list the new entity on the stock exchange.