Magazine article Screen International

India's Reliance Industries to Acquire Stake in Eros, Collaborate on Content

Magazine article Screen International

India's Reliance Industries to Acquire Stake in Eros, Collaborate on Content

Article excerpt

Companies to invest up to $150m to jointly produce and acquire Indian films and digital originals across all languages.

Mukesh Ambani

Mukesh Ambani’s Reliance Industries has agreed to acquire a 5% stake in major Indian film producer and distributor Eros International.

Reliance Industries is paying $15 per share for its stake in the New York-listed company, representing an 18% premium on the last closing price. The transaction is subject to regulatory and other approvals.

The two companies also announced that they would equally invest up to $150m to jointly produce and acquire Indian films and digital originals across all languages.

In addition, Eros group CEO and managing director Jyoti Deshpande will step down from her executive role after more than 17 years in Eros and move to head Reliance Industries’ media and entertainment business as president of the chairman’s office.

In her new role, which starts from April 2018, she will build the company’s content operations across film, broadcasting, sports, music, digital gaming and animation. She will continue as a non-executive director of Eros, while Kishore Lulla will resume his position as group chairman and CEO.

According to a statement, Deshpande will also “integrate Reliance Industries’ existing media investments such as Viacom and Balaji Telefilms with a view to build, scale and consolidate the fragmented $20bn Indian M&E sector. …

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