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Veteran actor Dev Anand was offered a whopping Rs.1.3 crores from Reliance to sell his recording studio. The Anand Recording Studio is located in Mumbai's Pali Hill area. Anand refused Reliance's offer. Instead, he plans to improve the existing studio with new equipment and the works.

There were stories about the IDBI Bank agreeing to sanction a loan of Rs. 5 crore for the same. However, Anand denied that he was taking a loan. He stated that they have their own financial resources for the refurbishment. Presently, Dev Anand's son Suniel Anand manages the studio. There are plans to import sound re-recording equipment. They believe that the studio will be a one-of-its kind in Asia. The work is expected to complete in a months time.