ADAG invests Rs 2000 cr in Spielberg's firm

BIG FORAY: Reliance will now be the new principal financier for Spielberg's Dreamworks.

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New Delhi: Anil Ambani's Reliance ADA Group is reportedly investing Rs 2000 crore in director Steven Spielberg's production company Dreamworks. With this deal, Reliance will be the new principal financier for Dreamworks, which will end its existing agreement with Paramount Pictures.

Earlier at the Cannes festival last month, the ADA group announced deals with other production houses as well, including George Clooney's Smokehouse Productions, Brad Pitt's Plan B Entertainment and Tom Hanks' Playtone.

The business group is expected to invest about $1 billion as its foray into Hollywood.

Reliance will commit funds based on its approval of a project's concept and will also get its distribution rights in India.

Also in March, Reliance bought a bunch of multiplexes in New York, Los Angeles, Chicago and Washington D C — giving it 250 screens in 28 North American cities.

The plan, for what has been dubbed Big Cinemas, is to program a mix of Indian-produced films and the Hollywood fare.