Reliance Entertainment has said on Sunday that it had signed deals with the production houses of top Hollywood stars such as Brad Pitt and George Clooney to make films worth about a billion dollars.

A statement issued by the company said that the media group has signed separate deals with the production firms of Hollywood stars Nicolas Cage, Jim Carrey, George Clooney, Tom Hanks and Brad Pitt and filmmakers Chris Columbus and Jay Roach.

"With this deal, we hope to develop up to 30 scripts, of which hopefully, 10 will go into production," Reliance Big Entertainment's Chairman Amit Khanna told reporters. Khanna added, "The value of this slate of films will be worth a billion dollars."

The films will be made in the next two years under different genres and will have a range of budgets, Khanna said. "We will be dealing directly with top talent," he said, adding the agreements would take India to the forefront of global entertainment.

The agreements are "the first major building block in the creation of a virtual studio, or new-generation media company", the company said.

"They are part of Reliance Entertainment's long-term strategy for media investments in Hollywood, as it continues to build a fully integrated movie company with substantial holdings in production, distribution and exhibition."

The development came on the back of another announcement the company made on Friday to invest one billion dollars to make scores of Indian films and expand its film exhibition and distribution business in India. The company will make 69 films in nine Indian languages with top directors over the next two years.