The wide-ranging fifty-fifty partnership between the two companies was announced at Cannes, the world's biggest film market, by Lionsgate co-chairman and CEO Jon Feltheimer and chairman and cheif executive officer of the London-listed Eros International Kishore Lulla.
The deal will alo allow the US company to pick up 20 films, including Eklavya the Royal Guard and Gandhi, My Father, from Eros' library of 1,900 big screen titles for mainstream distribution in the US and help access India's large domestic market
Another interesting spin-offs of the agreement which is slated to emerge in the second phase of the partnership within 12 to 18 months will be Hindi remakes of Hollywood hits from Lionsgate's 12,000-strong catalogue and the first in the line could be 'Dirty Dancing'.
Announcing the partnership, Lulla said: "We can now leverage our respective distribution networks and help monetise and unlock value from our deep libraries."
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Feltheimer said the "exclusive" partnership will provide a superb opportunity to extend the Lionsgate brand to more than a billion new consumers worldwide as well as provide a platform for Eros content through its established network in North America.
According to Paul Presburger, Lionsgate's executive VP, international business development, the first title that has been identified for a Hindi-language rendition is 'Dirty Dancing'.