Reliance Group has placed its Hollywood plans on hold, reports Vajir Singh.entertainment Updated: Nov 12, 2008 14:35 IST
Indian audiences will have to wait for some more time to see their favourite Hollywood actors working in Indian films. This was the dream plan of Anil Ambani’s Reliance ADA Group.
The villain of the pieces: you guessed right.. recession in the global market.
It is learnt that Reliance has placed its plans of investing up to $ 600 million in a new company spearheaded by Dreamworks’ Steven Spielberg.
The move was part of a broader $ 1 billion-plus westward push-forward in the movie business by Reliance’s entertainment division Big Entertainment.
The plans included financing up to a dozen films featuring Hollywood stars, besides investing in cinema auditoria across the U S and the west.
According to a source from the production house, the plans are now being reviewed and re-thought since investment in the foreign market is risky at this point. The scenario will be watched and the strategies re-planned next year.