Reliance Industries to buy 5% stake in EROS

New Delhi, Feb 20: Mukesh Ambani-led Reliance Industries Ltd (RIL) and Eros International PLC (Eros) on Tuesday announced that RIL, through a subsidiary, has agreed to subscribe to a 5 per cent equity stake in Eros at a price of $15 per share.

Furthermore, 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 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," the companies said in a joint-statement here.