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20 February 2018
 |
| Eros international (The Total Investment & Insurance Solutions) |
Mukesh
Ambani-led Reliance Industries Ltd (RIL) and Eros
International PLC (Eros) on Tuesday announced that RIL, through a
subsidiary, has agreed to subscribe to a 5 per cent equity stake in Eros at a
price of $15 per share.
Furthermore, RIL and Eros
International Media Ltd (Eros India) announced that they have agreed to
partner in India to jointly produce and consolidate content from
across the country.
"The parties will equally invest up to Rs 1,000 crore in aggregate
(approximately $150 million) to produce and acquire Indian films and digital
originals across all languages," the companies said in a joint-statement
here.
The transaction is subject to customary
regulatory and other approvals.
"We are pleased to join hands with Eros,
as it will bring further synergies into our plans, making for a win-win
partnership.
We are delighted to welcome Jyoti Despande into the Reliance family and believe that
she will not only give wings to our plans but also play a pivotal role in
transforming the sector," said Ambani, Chairman and Managing Director,
RIL.
In addition, the companies announced that
Jyoti Deshpande, Group CEO and MD of Eros will be stepping down from
her executive role after more than 17 years and move on to head the Media and
Entertainment business at RIL as President.
Deshpande will start her role at RIL from
April 2018, but will continue to remain as a Non-Executive Director on
the Board of Eros.Kishore Lulla will resume his position of Group Chairman
and CEO of Eros.
In her new role at RIL, Deshpande will lead
the company's initiatives in media and entertainment to organically build and
grow businesses around the content ecosystem such as broadcasting, films,
sports, music, digital, gaming and animation as well as integrate
RIL's existing media investments such as Viacom and Balaji
Telefilms with a view to build, scale and consolidate the fragmented $20
billion Indian M&E sector, the statement added.The Total Investment & Insurance Solutions
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