Reliance Industries (RIL) and Eros International PLC (Eros) announced today that RIL, through a subsidiary, has agreed to subscribe to a 5% equity stake in NYSE listed Eros at a price of USD15 per share, which represents an 18% premium to last closing price. The transaction is subject to customary regulatory and other approvals.

Furthermore, RIL and Eros International Media (Eros India) announced that they have agreed to partner in India to jointly produce and consolidate content from across India. The parties will equally invest up to Rs 10 billion in aggregate (approximately USD 150 million) to produce and acquire Indian films and digital originals across all languages.

Mukesh Ambani, Chairman & Managing Director, RIL commented, ''We are pleased to join hands with Eros, as it will bring further synergies into our plans, making for a win-win partnership. We are delighted to welcome Jyoti Deshpande into the Reliance family and believe that she will not only give wings to our plans but also play a pivotal role in transforming the sector.''

Shares of the company gained Rs 4.45, or 0.48%, to trade at  Rs 923.85.  The total volume of shares traded  was  41,714 at the BSE (10.38 a.m., Wednesday).