Soros grabs stake in Mumbai's reliance
EmptyNEW DELHI -- American billionaire financier George Soros has acquired a $100 million stake in Mumbai-based Reliance Entertainment, the company's managing director said Friday.
"Based on our company's total valuation of $3 billion, George Soros has acquired his 3% stake for $100 million," managing director Rajesh Sawhney said in an interview.
Reliance is owned by the diversified Anil Dhirubhai Ambani Group.
Reliance Entertainment's group companies include one of India's leading exhibitors, Adlabs Films; BIG FM radio; movie rental service BIG Flicks and gaming entities Zapak.com and Jump Games, among others.
Sawhney said that the fresh capital infusion "will be utilized in three core areas -- films, new media and our upcoming broadcasting venture." Reliance will shortly launch its direct-to- home TV distribution service to take on competitors like News Corp.'s Tata-Sky joint venture.
Reliance recently signed multipicture deals with Bollywood directors Farhan Akhtar, Madhur Bhandarkar and Vivek Agnihotri, while upcoming projects include the animated feature "Sultan -- The Warrior."
Last week, Jump Games announced an exclusive deal with U.K. football club Manchester United to develop games and digital content.