Reliance Big Entertainment, the media and entertainment company of the Reliance ADA Group, said that it will provide development funds to eight Hollywood production houses.

The company did not reveal the capital it plans to invest in this venture, but sources said the investment would be in the range of USD 500 million to USD one billion.

"We are pleased to have devised this method of investing, whereby Reliance Big Picture can help advance the goals of several of the most important creators in the global industry. I expect to have further such development deals in the near future," Reliance Big Entertainment Chairman Amit Khanna said.

The development funds would be provided to eight creative forces in Hollywood including Nicolas Cage's Saturn Productions, Jim Carrey's JC 23 Entertainment, George Clooney's Smokehouse Productions, Chris Columbus' 1492 Pictures, Tom Hanks' Playtone Productions, Brad Pitt's Plan B Entertainment and Jay Roach's Everyman Pictures.

Reliance Big Picture, the division of Reliance Big Entertainment that would focus on media investments outside of India, sees the development deals as the first major building block towards creation of a new-generation media company.

Elaborating further, the company said for any greenlit project, Reliance Big Entertainment would facilitate full creative and fiscal freedom for the filmmakers.