India-Hollywood partnership

It took upto 14 months to create this baby. But a baby that has created history. Bollywood emerged as a major player in Hollywood on August 17 as Oscar winner Steven Spielberg finalized his funding deal of 825 million dollars, with major chunk coming from India’s Reliance.

Anil Dhirubhai Ambani, chairman of Reliance Anil Dhirubhai Ambani Group, wrote the biggest check of 325 million dollars in equity, for new DreamWorks Studios operated by principal partners Spielberg and Stacey Snider after about 14 months of financial alliance. Various banks, including Bank of America, provided final leg of financing. The Studios will make up to 21 movies over next four years.

Indo-American leader Rajan Zed, welcoming this new India-Hollywood partnership, said that this pact signaled India’s emergence as a rising force in Hollywood. It clearly exhibited that India was evolving as a pivotal player in international film arena.

Funding battle was tough for Spielberg because of evaporation of Wall Street financing in Hollywood, thus opening doors to foreign investment. To raise finance, Spielberg had to sell a half interest in the company to Reliance who was eager to get a toehold in Hollywood, according to reports.

Spielberg and Snider, in a statement, thanked “Anil personally for his foresight and fortitude over the past months”. Ambani said, “Our partnership with Stacey and Steven is the cornerstone of our Hollywood strategy as we grow our film interests across the globe.” For Reliance, the venture is also “a step in the direction of trying to do something on a global scale that appeals to global audiences” and an attempt to accelerate the development of India’s film industry.

JAI HO!

(adapted from various sources on the internet)
Raga D’silva