Ripples Advisory, 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
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RIL on Tuesday said it will acquire 5 per cent stake in NYSE listed Eros International for Rs 10 billion with a view to producing and acquiring Indian films and digital originals across all languages.
Reliance Industries Limited (RIL) and Eros International Plc 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, the company said in a statement.
Both the companies 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.
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