New Delhi - India's Reliance BIG Entertainment Ltd is set to invest 325 million dollars in a joint venture with Steven Spielberg's Dreamworks Studios in the biggest collaboration yet between Hollywood and Bollywood, news reports said Thursday. The money would go toward making five to six films a year for global audiences, Reliance chairman Anil Ambani and Spielberg said in a global conference call late Wednesday from New York.
The movies, produced by Dreamworks, would be distributed globally by Walt Disney while exclusive rights for India would remain with Reliance.
Ambani said the 50-50 joint venture between Reliance and Dreamworks was looking at an expenditure of 825 million dollars over the next three years. Reliance would contribute 350 million, 150 million would come from Disney and the rest from banks and institutions.
"This venture with Reliance opens a new door to our future," Spielberg said.
The first Dreamworks motion picture was scheduled to be released under the Touchstone Pictures banner by 2010.
Ambani also announced that his associate Amitabh Jhunjhunwala and Spielberg's partner for decades Stacey Snider would serve on the Dreamworks board.
