Industrialist Anil Ambani on Wednesday made his debut in Hollywood film production, roping in ace directors Steven Spielberg and Stacey Snider for a joint venture where he would initially pump in Rs 4,000 crore (Rs 40 billion).
Ambani said he was 'delighted' at the partnership and that the work on the first film would begin by end of this year and its release expected next year.
Spielberg, who produced hits like ET and Jurassic Park, said that he would visit India later this year to explore possibilities with Indian film makers and writers.
He said the partnership would let him make the films that he always wanted to make, independent of motion picture studios.
Future film projects would involve top Hollywood stars George Clooney, Julia Roberts and Brad Pitt, among others.
Dubbing the deal as a 'game-changing event' for a partnership with excellence, Ambani said he was looking at reaching out to the global audience and India's teeming youth through this venture.
Asked if the deal was the preamble for listing of Reliance Entertainment, which has committed $1.5 billion for the partnership with Dream Works last year, Ambani said: "All options are open. We'll evaluate the options as we go along."
The partnership is a 50:50 venture between Ambani and Speilberg and Snider. Ambani has nominated his top lieutenant Amitabh Jhunjhunwala on the board.
Equity component would be $325 million, while Disney would infuse $125 million and the balance from a syndication of banks and other investors.
"We're very excited that we're in business again, independent of motion picture studios," Spielberg said in a conference call with reporters.
"This is a way we can have control over our products as well as co-ownership," he said.
Dream Works based in Los Angeles will eventually make 5-6 films per year. The goal of the partnership is quality commercial entertainment, said Snider, who was associated with the Gladiator and 21 Grams.
The rights for all these films across platforms such as theatres, DTH, television, DVD's will remain with Reliance. -- PTI
Image: Steven Spielberg (left) and Anil Ambani.
Photograph: Reuters
