Mumbai, Sep 4 (IANS) Leading media and entertainment content firm Eros International Tuesday said that Citigroup Global Markets Ltd has committed $100 million to support Eros's strategy of consolidating its Indian entertainment content segment.
Commenting on the development, Eros International's chairman and chief executive officer Kishore Lulla said: 'This will increase Eros' firepower to create significant value for our shareholders and partners through the acquisition and production of Indian entertainment content.'
Lulla said that Eros is uniquely positioned to exploit this segment through the skills, relationships and infrastructure that the company has developed over the last 30 years.
'We have demonstrated with our recent acquisition of 51 percent of Ayngaran International, a leading Tamil-language film company, our commitment to invest in the development of that business. We believe that many high quality opportunities exist within the Indian entertainment content sector for us to create value for our shareholders,' Lulla said.
Besides releasing 30-40 new films annually, Eros has a film library of more than 1,300 titles and has offices across India, UK, USA, UAE and Fiji.