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RIL to acquire 5% stake in Eros international for Rs 10 bn to produce films

Both the companies have agreed to partner in India to jointly produce and consolidate content from across the country

Press Trust of India  |  New Delhi 

RIL

on Tuesday said it will acquire 5 per cent stake in listed International for Rs 10 billion with a view to producing and acquiring Indian films and digital originals across all languages.

(RIL) and International Plc announced that RIL, through a subsidiary, "has agreed to subscribe to a 5 per cent equity stake" in at a price of $15 per share, the company said in a statement.

Both the have agreed to partner in India to jointly produce and consolidate content from across the country.

"The parties will equally invest up to Rs 10 billion in aggregate (about $150 million) to produce and acquire Indian films and digital originals across all languages," it said.

It further said that Jyoti Deshpande, Group CEO and MD of Plc, the parent company of Eros India, will be stepping down from her executive role and move on to head the media and entertainment business at as President of the Chairmans Office.

will start her new role at from April 2018, but will continue to remain as a director on the board of Eros India as well as Eros Plc, it added.

Kishore Lulla will resume his position of Group Chairman and CEO of Eros Plc.

" The parties will equally invest up to Rs 10 billion in aggregate to produce and acquire Indian films and digital originals across all languages," it said.

Mukesh Ambani, Chairman & Managing Director, RIL said: "We are pleased to join hands with Eros, as it will bring further synergies into our plans, making for a win-win partnership".

In her new role at RIL, will lead the companys initiatives in media and entertainment to organically build and grow businesses around the content ecosystem such as broadcasting, films, sports and music.

Besides, she will help integrate RILs existing media investments such as with a view to build, scale and consolidate the fragmented USD 20 billion Indian M&E sector.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Wed, February 21 2018. 00:28 IST
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