Signs binding term sheet to acquire 50% stake in Puja Entertainment
Remakes of blockbuster 'No 1' series to debut first
Eros International Media Limited (Eros International), 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 of the 90s known better as the ‘No 1’ series including Hero No 1, Coolie No 1 and Biwi No 1 will be the 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 all-time 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 ji. As a studio, we want to continue developing prolific content and through this partnership with a seasoned expert like Vashu ji 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. Kishore ji and I had wanted to do this for a very long time. 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 Media Ltd(Eros International) Eros International Media Ltd. (BSE Script Code: 533261; NSE Script Code: EROSMEDIA) 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 is part of Eros International Plc, which became the first Indian media Company to raise capital and be listed 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 a competitive advantage through its extensive and growing movie library comprising of over 2,000 films, which include Hindi, Tamil, and other regional language films for home entertainment distribution. Eros International has built a dynamic business model by combining the release of new films every year with the exploitation of its film library. For further information please visit: www.erosintl.com