Signs binding term sheet to acquire 50% stake in Puja Entertainment
Remakes of blockbuster ‘No 1’ series to debut first
Eros International Media Limited (Eros International), a leading global company in the Indian film entertainment industry, has announced a strategic alliance with veteran producer Vashu Bhagnani by signing a term sheet to acquire a 50% stake in his film company, Puja Entertainment & Films Ltd, one of the most reputed production houses in India that owns a valuable library of films with great franchise value.
Under this joint venture, blockbuster hits of the 90s known better as the â€˜No 1â€™ series including Hero No 1, Coolie No 1 and Biwi No 1 will be the among the first of Vashu Bhagnani films to be remade. The deal will also allow Eros International access to Puja Entertainmentâ€™s vast library of all-time hits like Bade Miya Chote Miya, Rehna Hai Tere Dil Main andF.A.L.T.U. In addition to the remakes of some of these all-time hits, several new projects are in the pipeline as well.
Commenting on the announcement, Kishore Lulla, Chairman, Eros International said, â€œThis alliance is an extension of the very special association we share with Vashu ji. As a studio, we want to continue developing prolific content and through this partnership with a seasoned expert like Vashu ji who has produced some of the biggest Bollywood hits, we can present cinema at its entertaining bestâ€.
Chairman of Puja Entertainment, Vashu Bhagnani said, â€œItâ€™s not just a strategic alliance for Puja Films, it’s in fact a culmination of a friendship that goes back more than two decades. Kishore ji and I had wanted to do this for a very long time. Puja Films has been in the movie making 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.â€