Founded by the legendary Telugu actor Akkineni Nageswara Rao, Annapurna Studios is a renowned provider of production facilities, including sound, stages, outdoor sets, editing and sound recording theatres to the Telugu entertainment industry.
"This partnership evokes a shared vision for a unified film, media and entertainment industry in India," Rao said in a statement.
"The shared strengths will enable the studio to leverage expertise and complement each other in providing world-class facilities and services to its customers," Rao added.
Akkineni Nagarjuna, who is also managing director of Annapurna Studios, added: "I am enthusiastic about this partnership with Reliance MediaWorks. It is futuristic".
Reliance MediaWorks will also help operate and expand Annapurna Studios’ Digital Post Production facilities that cater to the needs of the motion picture and television commercials industry.
Anil Arjun, CEO of Reliance MediaWorks, calls the collaboration an "honour".
"Annapurna Studios has created an ecosystem par excellence for the Telugu film industry and it is our honour to partner with them," he said.
"Reliance MediaWorks has put together an experienced team of film and media services executives with a proven track record of accomplishments as operators and successful marketers and we can bring the experience, financial skills and hands-on approach that can make a difference," Arjun added.
"We are excited about the synergies and opportunities that will be created as we begin to work together and we look forward to strengthening our presence in Southern India," he said.