Page last updated at 14:07 GMT, Tuesday, 18 August 2009 15:07 UK

Dreamworks seals Indian film deal

Steven Spielberg (file image)
Spielberg is behind some of Hollywood's biggest box office movies

Hollywood's Dreamworks studio is finally set to receive a multi-million dollar film production deal from Indian company, Reliance Big Entertainment.

The first film from the investment will be Harvey, an adaptation of a play about a man and a giant invisible rabbit. Stephen Spielberg will direct.

Reliance is a key player in Bollywood. Dreamworks was co-founded by Spielberg.

Under the agreement, Dreamworks will make five to six films every year for global audiences.

The second movie, titled Dinner for Schmucks, will begin shooting in October.

Box office hits

The $825m (£501m) in funding is also being bankrolled by JP Morgan and The Walt Disney Company.

"This will allow us to move ahead quickly into production with our first group of films," Spielberg said in a joint statement with his partner, Stacey Snider.

The new studio will make films in the US, injecting large amounts of Indian cash into America's film industry. The first film should be out in late 2010.

The agreement was first struck in October last year but funding has only just been confirmed.

Spielberg has made some of Hollywood's biggest box office hits including ET, Schindler's List and Jaws.

Anil Ambani, chairman of Reliance Big Entertainment's parent company, Reliance ADA Group, is the world's sixth richest man.

He called the partnership, "the cornerstone of our Hollywood strategy as we grow our film interests across the globe"

JP Morgan arranged $325m (£197m) in loans from itself and other banks. That figure was matched by Reliance, with the remainder raised by Disney.

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