RIL ties up with Eros, set to jointly invest Rs 1000 crore in films, digital content

MUMBAI: Reliance Industries Ltd (RIL) has announced that it is set to pick up a stake in Eros International. The two companies also announced that they would partner up to invest about Rs 1,000 crore to produce films and digital content across all different language markets in India.

The two companies issued a joint statement on Tuesday in which they said RIL would pick up a 5 percent equity stake in Eros International at $15 per share. They also announced that Eros group CEO and MD Jyoti Deshpande will resign from her post and take over as the head of the media and entertainment business of RIL as its president.

"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 Deshpande 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 RIL chief Mukesh Ambani in the statement.

Deshpande too expressed optimism over the tie-up between the two companies. "My new assignment at RIL will allow me to push boundaries, set new standards of excellence, assemble a world-class young leadership team and adopt a collaborative approach to architect and execute this ambition in true RIL tradition," she said.