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July 27, 2001
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Money > Business Headlines > Report July 27, 2001 |
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Videocon to produce films, set up multiplexes, studiosRaksha Hegde & Reeba Zachariah The Dhoot-controlled Videocon group is all set to make a splash into the Indian entertainment sector. The group is setting up a company -- Videocon Entertainment -- to handle entertainment multiplexes, film studios and Hindi film production. Anirudh Dhoot, manager (marketing and sales) of Videocon International, said, "We want to try our hand in this sector. Films and cricket have always been the mainstays of Indian entertainment. We have plans of getting into films and other forms of entertainment. But the big venture planned is in the setting up of theme parks and multiplexes." The consumer electronics major has decided to get into film production in a aggressive manner, and will produce two-three movies every year. It will part-finance filmstar Shahrukh Khan's movie 'Ashoka the Great' with Rs 50 million. Videocon is negotiating with leading production companies like Boney Kapoor Productions, Pritish Nandy Communications and K C Bokadia Productions to produce their forthcoming ventures. Commenting on the returns, Dhoot said, "Even if a movie doesn't do well, we will be able to break up costs because we will sign the movie with renowned directors and filmstars who promise a good initial return. And if the movie does well we get almost 3-4 times return on investment". The company is also in talks with Singapore-listed Warner Village for a strategic alliance to set up family entertainment centres and multiplexes. It has already identified two large plots in Thane and Ahmedabad to set up family centres, which will house 8 screens for movies. For international studio facilities, the company is negotiating with Universal Studios as it is interested in investing in the venture. The company is also in talks with Star India to set up a film studio and is looking at roping in a celebrity for the venture. Powered by YOU MAY ALSO WANT TO READ:
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