Reliance to Buy 5 % stake in Eros

New Delhi Feb 21: Mukesh Ambani-led Reliance Industries Ltd (RIL) and Eros International PLC (Eros) on Tuesday has said that "RIL, through a subsidiary, has agreed to subscribe to a 5 percent equity stake in Eros at a price of $15 per share."

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 Companies has said that "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".

Ambani, Chairman, and Managing Director, RIL has said that "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".