'I think that the elements of Bollywood film -- the song and dance, the melodrama, the heightened emotions and dialled up colours-those are all elements that can appeal universally.'

'A little bit of expertise from Hollywood, both technical and artistic, particularly from a legend like Steven Spielberg, if, in fact, he does have some input, could help Bollywood transcend into global mainstream media,' he said.

But Pandya was a little sceptical. 'I don't think Bollywood will be affected much since nobody has the kind of deep pockets needed to be in business with someone like Steven Spielberg,' he said.

'Bollywood has already been trying to make films that appeal more globally anyway so I think producers in India will only continue down that path,' Pandya said.

Rohi Pandya too thought 'perhaps - it will lead to more Indian films geared to global audiences - but Bollywood can sustain on its own so I don't think the current way of making movies will change.'

'They might just add a few more different films to the slate to see what will work for global audiences.'

But whatever they may think about the impact of the deal on the industry, the South Asian community in the US is agog with excitement.

'Even though Bollywood is the largest producer of films quantity-wise, it's second fiddle to Hollywood when it comes to box-office and global appeal,' said Mehta.

'This deal further helps to legitimise Indian cinema and Indian media in the eyes of the West, and I think South Asian viewers in America will have a sense of pride about that,' Mehta told IANS.

South Asians would indeed be 'proud that a company in India can play such an important role in the Hollywood film industry,' said Pandya.

'The day this deal was finalised,' he recalled, 'I got an email from a desi friend in New York saying he never thought he'd see the day that someone like Steven Spielberg would be getting his funding from India.'

But Rohi Pandya had the last word. In her opinion, 'South Asian viewers in America look at this deal and may think to themselves 'Wow, India has more money than Spielberg! That's amazing''.

(Arun Kumar can be contacted at arun.kumar@ians.in)