Anil Ambani and Steven Speilberg join hands

The announcement of working with some of the world renowned actors like Brad Pitt, Nicolas Cage, George Clooney, Jim Carrey and Tom Hanks made public in May at the Cannes Film Festival by Reliance Big Entertainment has been given the finishing touch with the coming together of the business group and Steven Spielberg who is one of the most successful film makers of the world.

The new association worked out between the business group owned by Anil Dhirubhai Ambani and Steven Spielberg is for starting a studio situated in Los Angeles.

A whooping $1.5 billion is going to be pumped in by the mammoth business group into Hollywood for churning out world class movies aimed at the global audience.

This new business deal is going to be financed by a combination of equity and debt.

The famous investment banker JP Morgan Chase is also involved with the deal.

This spreading of business interests of the Reliance Big Entertainment towards the film industry in the U.S has come at a time when Steven Speilberg is looking out for ways to break away from the film production company Dream Works.

Stancey Snider, who is the chief executive of Dream Works and was the chairperson of Universal Studios till 2006 will also come on board for the new venture.

Formed in 1994, Dream Works was sold to Viacom's Paramount in 2006 for $1.6 billion due to a bad run.

This new project also comes at a time when film makers in Hollywood due to the ongoing financial crisis in U.S.A are looking out for investors from other countries to fund their ambitious projects.