Looks like one of India's biggest entertainment conglomerates is going to come up with half of the $1 billion Steven Spielberg and his Dreamworks friends need for independence.

The Mumbai, India, based Reliance ADA Group is in 'serious talks' to provide Dreamworks with $500 million to $600 million in equity, reports the Wall Street Journal.

The report also shines the light on the ill feelings that have brewed between Dreamworks and the big studio it's basically trying to finance its freedom from, Paramount.

Spielberg reportedly complained privately about Paramount taking credit for DreamWorks movies. Speilberg and partners supposedly also felt they were not being afforded the appropriate level of respect from Paramount boss Brad Grey and the big guys at Paramount's parent company, Viacom.

The WSJ says that tensions between the two sides came to a head at the end of 2006 over the flick Dreamgirls.

The other major Dreamworks partner, music man David Geffen, was heavily invested in the musical, having shepherded it from the stage to the big screen. Geffen supposedly took enormous offense because he felt Brad Grey seemed to take credit for the movie at several public events.

To top it all off the head of Viacom told an investor conference that Dreamworks' departure would be "completely immaterial" to Viacom.

What dramz!

Only $500 million more to raise!

[Image via WENN.]