The deal will provide for the creation of development silo for each of the eight prodcution entities. Also, Reliance Big Entertainment will co-produce any films that may emerge out of this deal in addition to providing these US studios an Indian partner with local expertise.
In a statement, the company said that Reliance Big Picture, the division of Reliance Entertainment sees the development deals as the first major investments in Hollywood and a building block in the creation of a virtual studio or a new generation media company.
"They are part of Reliance Entertainment's long-term strategy for media investments in Hollywood, as it continues to build a fully integrated movie company with substantial holdings in production, distribution and exhibition," the company said in a statement.
This annoucement was made at the Cannes Film Festival, currently undergoing in France.
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The deals also secure Indian rights for resulting films which Reliance co-finances. Additionally, Reliance expects to attract suitable productions, with appropriate incentives, to India, where Reliance Entertainment is the largest film producer and owns physical studios and facility companies.
Announcing the deals, Amit Khanna, chairman of Reliance BIG Entertainment said, "Reliance Entertainment has a dominant position in India but, when it comes to motion pictures, it has been obvious that we need to extend our footprint to Hollywood.
We are pleased to have devised this unique method of investing, whereby Reliance Big Picture can help advance the goals of several of the most important reators in the global industry. I expect to have further such development eals in the near future".