Indian industrialist, Anil Ambani, announced a major film production joint venture with Hollywood legend Steven Spielberg on Wednesday. Ambani, currently ranked sixth on this year's Forbes list of ten wealthiest CEOs, said he would initially pump in Rs4,000 crore ($825 million) in the project.
A ''delighted'' Ambani said that work on the first film would begin by end of this year, with release due next year.
Spielberg, a legendary director and producer of such films as 'ET' and 'Jurassic Park', said that he would visit India later this year to explore possibilities with Indian film makers and writers.
Interestingly, he said the partnership would allow him to make films he always wanted to make, independent of motion picture studios.
Dubbing the deal as a "game-changing event," Ambani said he was looking at reaching out to the global audience and India's teeming youth through the venture.
The partnership is a 50:50 venture between Ambani and Spielberg and Stacey Snider, co-chairman and CEO of DreamWorks. Stacey is expected to retain the same position in the JV. Ambani has nominated his top lieutenant Amitabh Jhunjhunwala on the Board.