Tuesday, December 25, 2007

PVR's Production Kicks of with the release of Taare Zameen Par

Ajay Bijli’s PVR Pictures plans to invest Rs 100 crore for co-produc ing six to eight movies by 2009. PVR’s production and distribution arm has got off to an encouraging start with the release of its first co-production with Aamir Khan Productions (AKPL) — Tare Zameen Par.

PVR Group CMD Ajay Bijli said: "We are treading cautiously in the movie space. However, we just do not want to be a marginal player. We are looking at producing 6-8 movies and are in the process of selecting scripts." PVR has a two-film deal with AKPL, which means another movie is going to be released. In addition, PVR is learnt to have struck a two film deal with Raj Kumar Santoshi.

"We are looking for scripts that are different, have fresh ideas and have their own niche. They should appeal to the youth too. Taren Zameen Par is our first attempt in this direction," he said. The movies are likely to have medium budget.

The group is already looking a various models for raising money for PVR Pictures and is likely to bring in a strategic investor or a private equity player. This is in addition the company’s earlier annoucement to raise about Rs 400 crore for its listed entity PVR Cinemas.

The group is targeting consolidated revenues of Rs 300 crore by next fiscal. PVR Group is also looking at foraying into overseas distribution in 2008. "Our focus is to become an entertainment companym, which offers value additions such as food courts in the cinema space.

As far as films are concerned, they are like the raw material for our cinemas and we are constantly looking at creating a new niche in this space," he said.

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