Soros buys 100 million dollar stake in India's Reliance Entertainment

0 Comments | AFP, February, 2008

MUMBAI (AFP) — US-based billionaire investor George Soros has bought a 100 million dollar stake in films-to-mobile Indian media company Reliance Entertainment owned by tycoon Anil Ambani, an official said Friday.

"A fund owned by George Soros has picked up a three percent stake in Reliance Entertainment for 100 million dollars," a Reliance spokesman said, adding the sale valued unlisted Reliance Entertainment at 120 billion rupees or three billion dollars.

Reliance Entertainment is owned by the diversified Anil Dhirubhai Ambani Group, and makes and distributes movies, provides gaming services and runs a social networking portal.

It will use the money to boost its presence in the media sector and to produce movies for which it has already signed up top...