Reliance Entertainment 'blazes trail' with Phantom Films

Anil Ambani-led Reliance Entertainment's film production and distribution business will form a joint venture (JV) with Phantom Films, a company formed by directors Anurag Kashyap, Vikas Bahl, Vikramaditya Motwane and Madhu Mantena.

"The two companies will form a 50:50 joint venture to create a powerful new force in Indian cinema," Reliance Entertainment said in a statement issued on Sunday.

The proposed combination will leverage the proven creative and production capabilities of the Phantom team while enjoying access to the established domestic and international sales and distribution infrastructure of Reliance Entertainment, the company added.

The JV 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 175 film strong library.

Reliance will own 50 per cent shareholding of the combined business while the balance 50 per cent will be equally held among the four promoters of Phantom Films. Day-to-day operations of the JV will be managed by Phantom Films.

Amitabh Jhunjhunwala, Group managing director, Reliance Group, said: "This partnership is in line with our evolving strategy in the media and entertainment business of aligning with like-minded people who are trailblazers in their own field and playing the role of supportive investors on our part."

Reliance's network includes the wide reach of IM Global, a Reliance Entertainment company based in Los Angeles, with operations in North America, UK and Europe, Asia Pacific, China and Latin America. Phantom Films will also be in a position to leverage the world-class and world-leading capabilities of the recently announced Reliance MediaWorks and Prime Focus combination in digital, visual and special effects, pre and post-production, physical studio, etc. with facilities in Mumbai, London, Los Angeles, Vancouver.