Eros £25m funding deal (From Asian Image)

Eros £25m funding deal

2:03pm Friday 12th March 2010 in

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Eros has announced a $25 million funding deal with Lloyds Banking Group.

The financial package will enable the media and entertainment company to pursue its global corporate strategy and manage its working capital effectively.

The three year facility coincides with Eros’ progression towards an IPO in India later this year. Eros is a global player in the rapidly growing Indian media and entertainment sector through the creation of the world’s leading integrated studio of Indian film entertainment.

The Eros film library includes titles such as ‘Sholay’, ‘Om Shanti Om’ and ‘Sarkar Raj’. The deal further expands Eros’ key banking relationships and the company looks forward to a long relationship with Lloyds Banking Group.

Kishore Lulla, CEO, Eros said: “The funding provided by Lloyds Banking Group enables us to progress our ongoing strategy to become the worldwide leading Indian entertainment and content provider. The addition of Lloyds Banking Group expands our key banking relationships in anticipation of the opportunities we see ahead of us in the Indian entertainment industry.”

Chris Loring, Relationship Manager in Lloyds TSB Corporate Markets’ specialist Technology, Media & Telecoms (TMT) team added: “We are delighted to support Eros, a fast-growing international media group with this deal. The prospects for 2010 and beyond look very positive for Eros and we are fully behind the team to support their growth plans.”

Kamel Hothi, Asian Markets Director at Lloyds TSB commented: “I'm delighted we are able to deepen our relationship with this valued customer and pleased that we can continue to support Asian businesses with strong management teams during the challenging economic climate".

Eros is a globally recognised brand, with an extensive distribution network and a library of over 1,900 films.

The company is involved in production, acquisition and distribution of filmed entertainment content across current and emerging formats including cinemas, home entertainment, television and new media.