MUMBAI: Eros International Plc has secured funding of $100 million for five years from Citigroup Global Markets Limited.
The funds will be used for acquisition of other companies and content production with an aim to consolidate the fragmented Indian entertainment content sector.
Eros International chairman and CEO Kishore Lulla said, “This facility will increase Eros’ firepower to create significant value for our shareholders and partners through the acquisition and production of Indian entertainment content. We are uniquely positioned to exploit this content through the skills, relationships and infrastructure we have developed over our 30-year heritage. As we have demonstrated with our recent acquisition of 51 per cent of Ayngaran International and 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.”
