SINGAPORE - Indian billionaire Anil Ambani's entertainment group is close to signing an agreement with Universal Studios to build a $1.5 billion film-themed amusement park, the Financial Times reported on Saturday, citing people familiar with the talks.

Executives from Universal, a unit of General Electric Co's NBC Universal, travelled to Mumbai to meet Ambani's Reliance Big Entertainment and the two groups are in exclusive talks to create India's first film-themed amusement park, the report said.

Reliance has received preliminary government approval to go ahead with Universal to create what is expected to be a 500-acre entertainment resort, which could host about 50,000 visitors a day, said an unnamed senior official cited in the report.

According to the report, the Indian park would be similar to the ones Universal has in Florida and Singapore, but with an Indian twist, to attract the country's fast-growing young, consumer-oriented middle classes.

The Wall Street Journal reported last week that the talks were at an early stage and could break down.