MUMBAI: Anil Ambani-owned Reliance Entertainment has inked a 50:50 joint venture with Phantom Films, a company which is formed by filmmakers Anurag Kashyap, Vikas Bahl, Vikramaditya Motwane and Madhu Mantena.
The JV company will leverage the proven creative and production capabilities of the Phantom team, while enjoying access to the established domestic and international sales and distribution infrastructure of Reliance Entertainment.
The Reliance Entertainment and Phantom Films joint venture plans to develop and produce at least five - six films every year, apart from distribution of films in India and overseas, and syndication of rights from the over 175 films strong library.
Reliance will own 50 per cent shareholding of the combined business, while the balance 50 per cent will be equally held among the four promoters of Phantom Films. The day-to-day operations of the JV will be managed by Phantom Films.
Reliance group managing director Amitabh Jhunjhunwala said, "“We are delighted to partner with such creative and talented individuals as Anurag, Madhu, Vikas and Vikramaditya, who have an enviable track record of creating great cinema. This partnership is in line with our evolving strategy in the media and entertainment business, of aligning with like-minded people who are trailblazers in their own field, and playing the role of supportive investors on our part."
Kashyap added, "This deal opens our windows to international opportunities and talent. We hope to optimise on this opportunity, take Indian cinema international and also attract excellent talent into the country."
Phantom Films will also be in a position to leverage the world-class capabilities of the recently announced Reliance MediaWorks–Prime Focus combination in digital, visual and special effects, pre and post-production, physical studio, etc., with facilities in Mumbai, London, Los Angeles, Vancouver, etc., and including Double Negative, the UK-based digital and visual effects company.
Reliance's network includes the wide reach of IM Global, a Reliance Entertainment company based in Los Angeles, with operations in North America, UK and Europe, Asia Pacific, China and Latin America.
Reliance Entertainment has produced, distributed and released films in multiple Indian languages, including Hindi, Tamil, Telugu, Malayalam, Kannada and Bengali.
