Newly minted Demarest Films has come on board to co-finance and co-produce the Reliance Entertainment – IM Global thriller “Paranoia,” starring Liam Hemsworth and directed by Robert Luketic.

Beijing’s E Stars Entertainment is also co-financing “Paranoia” alongside Reliance and IM Global. Demarest was launched in April by Lambert Media Group’s Michael Lambert and Sam Englebardt and William D. Johnson.

Production launches Friday on “Panaronia,” a $40 million corporate espionage thriller that also stars Gary Oldman, Harrison Ford, Lucas Till, Amber Heard, Embeth Davidtz, Julian McMahon, Josh Holloway and Richard Dreyfuss. Relatively announced in May that it had picked up U.S. distribution and set a Sept. 27, 2013 opening.

Prioducers are Alexandra Milchan of Emjag Prods., William D. Johnson of Demarest and Deepak Nayar of Kintop Reliance, Reliance’s joint production venture with Kintop Pictures. Exec producers are IM Global topper Stuart Ford, Scott Lambert of Film 360, Sam Englebardt of Demarest, Allen Liu of E Stars, Douglas Urbanski, Christophe Riandee of Gaumont and Ryan Kavanaugh and Tucker Tooley of Relativity Media.

Filming will take place in Philadelphia and New York City. Hemsworth will portray an ambitious junior technologist trying to climb the ranks of a telecom giant who is blackmailed by a ruthless CEO (Oldman) to turn corporate spy by going to work for the firm’s top competitor. The screenplay, based on the novel by Joseph Finder, was written by Jason Dean Hall (“Spread”) from a previous draft by Barry Levy.

In 2003, Paramount bought feature rights to “Paranoia” for high-six figures for Lorenzo di Bonaventura to produce but the project did not materialize.

Holloway (“Mission: Impossible – Ghost Protocol”) is the most recent addition to the cast and will play an FBI agent investigating the corporate shenanigans.