ISLE OF MAN, United Kingdom--(BUSINESS WIRE)--Eros International Plc (NYSE:EROS) (“Eros”), a leading global company in the Indian film entertainment industry, has announced a strategic alliance with veteran producer Vashu Bhagnani by signing a term sheet to acquire a 50% stake in his film company, Puja Entertainment & Films Ltd, one of the most reputed production houses in India that owns a valuable library of films with great franchise value.
Under this joint venture, blockbuster hits from the ‘No 1’ series including Hero No 1, Coolie No 1 and Biwi No 1, will be among the first of Vashu Bhagnani films to be remade. The deal will also allow Eros International access to Puja Entertainment’s vast library of all-time hits like Bade Miya Chote Miya, Rehna Hai Tere Dil Main and F.A.L.T.U. In addition to the remakes of some of these classic hits, several new projects are in the pipeline as well.
Commenting on the announcement, Kishore Lulla, Chairman, Eros International said, “This alliance is an extension of the very special association we share with Vashu. As a studio, we want to continue developing prolific content and through this partnership with a seasoned expert like Vashu who has produced some of the biggest Bollywood hits, we can present cinema at its entertaining best”.
Chairman of Puja Entertainment, Vashu Bhagnani said, “It’s not just a strategic alliance for Puja Films, it's in fact a culmination of a friendship that goes back more than two decades. Puja Films has been in the movie making business for the past 20 years and it is crucial to partner with a global player like Eros to continue making meaningful and profitable cinema.”
About Eros International Plc
Eros International Plc (NYSE:EROS) is a leading global company in the Indian film entertainment industry that acquires, co-produces and distributes Indian films across all available formats such as cinema, television and digital new media. Eros International Plc became the first Indian media company to list on the New York Stock Exchange. Eros International has experience of over three decades in establishing a global platform for Indian cinema. The Company has an extensive and growing movie library comprising of over 3,000 films, which include Hindi, Tamil, and other regional language films for home entertainment distribution. The Company also owns the rapidly growing OTT platform Eros Now. For further information please visit: www.erosplc.com