Reliance Industries Limited said on Tuesday it would acquire 5% stake in entertainment company Eros International Plc. Reliance Industries and Eros International’s India subsidiary will also become partners and together “produce and consolidate” content from across the country, the two companies said in a joint statement.

The Indian conglomerate will buy the stake in Eros International through a subsidiary for $15 (Rs 973) per share. Eros International’s share price on the New York Stock Exchange had closed at $12.75 (Rs 827) on Monday. After trading opened on the NYSE shortly after the announcement, the share price rose to $14.55 (Rs 943) each.

The acquisition of the stake is subject to “customary regulatory and other approvals”, the companies said.

Eros International Media Limited, the India arm, and Reliance Industries will invest up to Rs 1,000 crore to produce and acquire Indian films across languages, the statement said.

Jyoti Deshpande, the group chief executive officer of Eros, will now head Reliance Industries’ media and entertainment business.

Reliance Industries Chairman Mukesh Ambani called it a “win-win partnership”.