Eros Int'l buys stake in Tamil film co
Eros buys 51 per cent stake in Tamil film company Ayngaran, marking its foray in second largest Indian film industry.
By PTI |
MUMBAI: Media company Eros International has acquired a 51 per cent shareholding in @yngaran International Ltd, thereby marking its foray into Tamil films.
Ayngaran International is a newly-incorporated holding company that is acquiring the business and assets of Ayngaran.
Tamil movies constitute the second largest film segment in the country after Hindi and Ayngaran has a dominant market share in the Tamil film content and distribution industry.
The transaction will give Eros access to Ayngaran's library of over 600 films, while securing rights to approximately 25 new films already in development, a release said here on Thursday.
The deal forms part of Eros' strategy to pursue partnerships and acquisitions in the multi-billion but fragmented Indian film industry.
Eros will provide an initial funding to the new venture of 33 million dollars through internal and external sources to take over and grow the existing business as well as to produce, acquire and distribute forthcoming Tamil films based on agreed forecasts and targets, it said.
Eros International Chairman and CEO Kishore Lulla said "we are really excited about this deal. Ayngaran is the Eros of Tamil Films. The film business is poised to expand rapidly."
Ayngaran International is a newly-incorporated holding company that is acquiring the business and assets of Ayngaran.
Tamil movies constitute the second largest film segment in the country after Hindi and Ayngaran has a dominant market share in the Tamil film content and distribution industry.
The transaction will give Eros access to Ayngaran's library of over 600 films, while securing rights to approximately 25 new films already in development, a release said here on Thursday.
The deal forms part of Eros' strategy to pursue partnerships and acquisitions in the multi-billion but fragmented Indian film industry.
Eros will provide an initial funding to the new venture of 33 million dollars through internal and external sources to take over and grow the existing business as well as to produce, acquire and distribute forthcoming Tamil films based on agreed forecasts and targets, it said.
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Eros International Chairman and CEO Kishore Lulla said "we are really excited about this deal. Ayngaran is the Eros of Tamil Films. The film business is poised to expand rapidly."
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