Movie studio DreamWorks SKG is close to a deal with India’s Reliance ADA Group to form a new movie venture, reported the Wall Street Journal, citing people familiar with the talks.

The Journal said a deal with Reliance would give movie director Steven Spielberg the cash to finance his DreamWorks team’s departure from Viacom Inc’s Paramount Pictures later this year.

Reliance would provide Spielberg and company with $500-$600 million in equity and would also give Reliance a large stake in the new company.