Eros International, an Indian film entity, recently announced that it has partnered with three Chinese state-owned film establishments and entertainment outfits for the promotion, co-production and distribution of Sino-Indian titles in both nations across all media platforms.
According to the memorandum of understanding signed by Chinese Film Corp. (CFC), Shanghai's Fudan University and Shanghai Film Group, the paper outlines "the prospective co-production and distribution of Sino-Indian films."
Representing Eros is its managing director Sunil Lulla, who signed the MoUs during the strategic partnership meeting between Chinese president Xi Jinping and Indian Prime Minister Narendra Modi in Shanghai.
In an earlier report, the first among the slate of Sino-Indian films is the "Tang Xuan Zang," which is a co-production with CFC. The movie follows the story of the Chinese monk credited for bringing Buddhism from India to China.
The film will be top-billed by the popular Chinese actor Huang Xiaoming ("Ip Man 2," "The Message") and will be helmed by Huo Jiang ("A Time to Love").
CFC chairman La Peikang said that they are "pleased to be partnering with Eros on this landmark agreement."
"The co-production of our first film, 'Tang Xuan Zang,' is an exciting initial step and we look forward to collaborating on future compelling film opportunities that will appeal to the vast Sino-Indian market," La added.
Meanwhile, the partnership between Eros and the Shanghai Film Group will mostly delve on the exploitation of intellectual property rights owned by both firms. The agreement also includes the development, co-production and distribution of film titles in both countries.
"With a growing population between the two countries of 2.5 billion people and vast similarities in terms of culture, religion and art, we see great potential for further strategic development and growth in both markets," Ren Zhonglun, president of Shanghai Film Corporation, remarked.
On the other hand, Eros's association with the academic institution, Fudan University, involves the allowing of the Indian film entity to license the university's intellectual property rights for either co-productions or remakes in India.
The deal also touches the responsibility of Fudan in assisting Eros in acquiring publishing licenses for the promotion and distribution in China of the over 2,300-film library of Eros.
"We are proud to be partnering with China's largest and most-respected media companies and look forward to building a leadership position in one of the largest and fastest growing film markets in the world," Eros International CEO Jyoti Deshpande added.
While the Chinese film market is valued at $4.8 billion, the world's second-biggest, India's film business has seen a recent stagnant growth, according to a report from KPMG India.