Temasek buys stake in India's Eros International
Temasek Holdings has made its first foray into India's Bollywood movie industry as Fullerton Fund Management - a unit of the Singapore sovereign fund - acquired a stake in local film distributor Eros International.
The stake was purchased on November 13, the day Mumbai-based Eros began trading on the New York Stock Exchange (NYSE). According to a regulatory filing, Fullerton now holds an 8.7% stake in Eros. Based on the company's closing price yesterday, the stake is valued at about $22 million. According to a separate filing, Temasek's deemed interest in Eros is 7.4%.
Eros co-produces and distributes Indian-language films and claims world's largest library on Indian entertainment. According to a company presentation, Indian entertainment is benefiting from the country's growing middle class and its increasing spending power.
The distributor had floated on the NYSE in search of higher valuations after delisting from London's Alternative Investment Market.
Other recent private equity activity in India's film industry includes the formation of a movie joint venture - Virgin Produced India - by media production company Virgin Produced, Cinema Capital Venture Fund and Tantrik Group, a media and entertainment asset management firm.
In June, AID Partners Capital made an investment in Indian movie special effects firm Prime Focus to help it expand its operations overseas.
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