Soros buys 100 million dollar stake in India's Reliance Entertainment
MUMBAI (AFP) — US-based billionaire investor George Soros has bought a 100 million dollar stake in films-to-mobile Indian media company Reliance Entertainment owned by tycoon Anil Ambani, an official said Friday.
"A fund owned by George Soros has picked up a three percent stake in Reliance Entertainment for 100 million dollars," a Reliance spokesman said, adding the sale valued unlisted Reliance Entertainment at 120 billion rupees or three billion dollars.
Reliance Entertainment is owned by the diversified Anil Dhirubhai Ambani Group, and makes and distributes movies, provides gaming services and runs a social networking portal.
It will use the money to boost its presence in the media sector and to produce movies for which it has already signed up top Bollywood directors, the Economic Times newspaper said.
Reliance Entertainment, which has signed up Bollywood directors like Farhan Akhtar and Madhur Bhandarkar to produce films under its banner, recently bought a controlling stake in ND Studio, one of India's largest production outlets.
Mumbai-based Bollywood, the world's largest movie-making industry, turned out more than 250 films last year.
Reliance Entertainment also has plans to enter the television broadcasting business later this year.
The Economic Times quoted Reliance officials as saying the company also hopes to raise money through a private share placement, debt or an initial public offer, the newspaper said.
