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Mumbai-based film studio Eros International Media Pvt Ltd said on Monday it has agreed to acquire a 50% stake in filmmaker Vashu Bhagnani's movie production house Puja Entertainment and Films Ltd.

The company did not disclose the financial terms of the deal in a stock market disclosure.

Eros Chairman Kishore Lulla said the deal is part of the studio’s efforts to continue developing prolific content.

Bhagnani, chairman at Puja Films, said it is crucial to partner with a global player like Eros to continue making meaningful and profitable cinema.

The deal will allow Eros International access to Puja Entertainment's vast library of hit movies such as Bade Miyan Chote Miyan and Rehna Hai Tere Dil Main. Eros said that it will remake some old hit movies and that several new projects are also in the pipeline.

Founded in 1973, Eros is a movie production and distribution company which co-produces, acquires and distributes Indian language films worldwide. It also runs online movie streaming venture Eros Now.

Eros as a group competes with the likes of 21st Century Fox, the media entertainment firm controlled by Rupert Murdoch which has its own movie production house and owns Star TV network. Star also runs over-the-top platform Hotstar, which streams movies and TV shows.

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