Reliance Entertainment will form joint venture with Phantom Films

MUMBAI: In a bid to infuse fresh life into its film production and distribution business, Reliance Entertainment will form a joint venture with Phantom Films, a company formed by leading producer-directors – Anurag Kashyap, Vikas Bahl, Vikramaditya Motwane and Madhu Mantena. Both the companies will hold 50% equity in the proposed JV.

“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 we are playing the role of supportive investors on our part,” said Amitabh Jhunjhunwala, group managing director, Reliance Group.

The move is seen as a step away from the high-stake acquisition approach that Reliance ADAG adopted earlier. According to Jhunjhunwala, they quit the high acquisition game a while ago as film production didn’t offer scale advantages as compared to the other group businesses and the odds always favoured talent.

The combination of Reliance and Phantom Films plans to develop and produce at least 5 to 6 films every year. Apart from distribution of films in India and overseas, the new entity will also hold the syndication rights of the over 175 films strong Reliance Entertainment library. “The real value of what you create is in the IP so besides our library we will also hold 50% of IP of all future projects, of the new entity,” said Jhunjhunwala. However, he did add the exact structure of the entity is still being worked out.