Phantom Films, a company formed by Anurag Kashyap, Vikas Bahl, Vikramaditya Motwane and Madhu Mantena, and Reliance Entertainment Ltd. have signed a 50:50 joint venture to produce more films.
Reliance Entertainment Ltd. will own fifty percent shareholding of the combined business, while the balance fifty percent will be equally held among the four promoters of Phantom Films.
According to Anil Ambani, the combination of Reliance Entertainment Ltd. and Phantom Films plans to develop and produce at least five to six films every year, apart from distribution of films in India and overseas, and syndication of rights from the over a hundred and seventy five films strong library.
The day to day operations of the Joint Venture will be managed by Phantom Films.
“This partnership is in line with our evolving strategy in the media and entertainment business, of aligning with like minded people who are trail blazers in their own field, and playing the role of supportive investors on our part.” stated Amitabh Jhunjhunwala, Group Managing Director, Reliance Group, in an official statement.
So far, Reliance Entertainment Ltd. has produced, distributed and released film in multiple Indian languages, including Hindi, Tamil, Telugu, Malayalam, Kannada and Bengali.
It includes highly successful commercial films like Singham, Singham Returns, Bodyguard, Don 2, 3 Idiots, Singh is King, Guru, Attarintiki Daaredi (Telugu), Singham (Tamil) and many more.
Phantom Films has about six films releasing over the next twelve months, including Bombay Velvet starring Ranbir Kapoor, Karan Johar and Anushka Sharma, NH10 with Anushka Sharma, Shaandaar with Shahid Kapoor and Alia Bhatt, Udta Punjab with Shahid Kapoor, Kareena Kapoor and Alia Bhatt, Hunterr and Ghoomketu.
However, no financial details of the deal has been disclosed.