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MUMBAI:
Bollywood could see action in the acquisition space. Eros
International Plc has arranged a $100 million financing facility
from Citigroup Global Markets Limited specifically for this
purpose.
"Citigroup
has underwritten the 5-year acquisition financing facility
to support our strategy of consolidating the fragmented Indian
entertainment content sector," Eros said in a statement.
As
part of this strategy, Eros recently acquired 51 per cent
of Ayngaran International, a leading Tamil-language film company.
Said
Eros International chairman and CEO Kishore Lulla, "This
facility will increase Eros’ firepower to create significant
value for our shareholders and partners through the acquisition
and production of Indian entertainment content. We are uniquely
positioned to exploit this content through the skills, relationships
and infrastructure we have developed over our 30-year heritage."
Eros
believes that "many high quality opportunities"
exist within the Indian entertainment content sector. The
company produces, distributes and exploits movies across formats
globally.
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