New Delhi: Eros International Media will soon enter into a strategic alliance with veteran producer Vashu Bhagnani and acquire a 50% stake in his film company, Puja Entertainment & Films.
Puja Entertainment & Films is one of the most reputed production houses in India. Eros has not yet disclosed the amount involved in the deal.
Under this joint venture, blockbuster hits of the 90s known better as the 'No 1' series, which includes movies like Hero No 1, Coolie No 1 and Biwi No 1 will be the among the first of Vashu Bhagnani films to be remade. The deal will also allow the company access to Puja Entertainment's vast library of all-time hits like Rehna Hai Tere Oil Main, Bade Miya Chote Miya and F.A.L.T.U.
The company has signed a "term sheet to acquire a 50 per cent stake in Puja Entertainment & Films", Eros International Media said in a BSE filing.
Eros Chairman Kishore Lulla said: "As a studio, we want to continue developing prolific content."
Puja Entertainment Chairman Vashu Bhagnani said: "Puja films has been in the movie making business for the past 20 years and it is crucial to partner with a global player like Eros to continue making meaningful and profitable cinema."
Eros stock was trading 3.25 per cent up at 212.75 on BSE in the afternoon session.
(With PTI Inputs)
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