This just in: close to the heels of an uncorroborated story about Reliance Entertainment planning an IPO, Business Standard reports that George Soros has picked up 3 percent stake in Reliance Entertainment for $100 million, effectively valuing the company at around $3 billion. A Reliance Entertainment spokesperson has apparently confirmed the investment to Business Standard; we’ve independently contacted Reliance Entertainment for a confirmation, so watch this space.

SEE ALSO: Reliance Entertainment Planning An IPO?

Soros was one of the seven investors (alongwith HSBC, Fortress Capital, New Silk, Galleon, DA Capital and GLG (SEO: 066570) Capital) who had pumped in $14 billion Rs 14 billion in another Reliance ADAG company - Reliance Telecom Infrastructure Ltd. - which owns transmission towers and infrastructure of Reliance Communications. Reliance Telecom Infrastructure is planning to go for an IPO.

Update: I just spoke to Rajesh Sawhney, President of Reliance Entertainment who has confirmed the news. He wouldn’t comment on what they intend to do with the money they’ve raised, saying that there will be a BIG announcement regarding their plans soon. Reliance Entertainment comprises of seven entities: Zapak (casual gaming portal), Big Adda (social networking site), Big Flicks (Movie streaming and rental), Jump Games (Mobile gaming), Anirights (Animation), BIG Music, and BIG Movies.