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Eros to acquire 50% stake in Vashu Bhagnani’s Pooja Entertainment
MUMBAI: Eros International Media is acquiring 50% stake in Vashu Bhagnani-owned Pooja Entertainment & Films for an undisclosed amount.
As part of the deal, the joint venture will remake some of Bhagnani’s movies. The remakes of the blockbuster ‘No. 1’ series will debut first.
Eros will also get access to Pooja Entertainment’s movie library.
Extending the strategic alliance, Eros and Pooja Entertainment will line up several new movie projects as well.
Said Eros International chairman Kishore Lulla, “As a studio, we want to continue developing prolific content and through this partnership with a seasoned expert like Vashu Bhagnani, who has produced some of the biggest Bollywood hits, we can present cinema at its entertaining best.”
Hindi movie hits of the 1990s such as ‘Hero No 1’, ‘Coolie No 1’ and ‘Biwi No 1’ will be the first bunch of Bhagnani’s moves that the JV will remake.
The deal will also give Eros International access to Pooja Entertainment’s library of movies like ‘Bade Miya Chote Miyan’, ‘Rehna Hai Hai Tere Dil Mein’ and ‘FALTU’.
Pooja Entertainment chairman Bhagnani said, “It’s not just a strategic alliance for Pooja Films. It’s, in fact, a culmination of a friendship that goes back to more than two decades. Kishore and I had wanted to do this for a very long time. Pooja Films has been in the movie production 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.”