Financial Daily from THE HINDU group of publications
Sunday, Sep 22, 2002
Financial Daily from THE HINDU group of publications Sunday, Sep 22, 2002 |
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Corporate
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Outlook Metlight plans to invest Rs 82 cr in film business Our Bureau
NEW DELHI, Sept. 21 METLIGHT Productions Pvt Ltd, a company promoted by the Singapore-based Production Facilities Pvt Ltd (which also promoted Sony Entertainment Television), is planning to make investments to the tune of Rs 82 crore in the next few years in the film business. Mr Ajay Shanghavi, Executive Director Metlight said that the company had already invested Rs 20 crore and would be involved in film production, distribution and exhibition. The company has already completed three films Dil Vil Pyar Vyar, Deewarein and Satta and aims at producing 12 films per year. The film could either be co-productions, joint productions or complete in-house productions. Initially, these would be Hindi films, but the company could venture into regional language and English films. On the distribution front, Metlight has already commenced operations by distributing six films in seven major territories. The company also plans to get into the management of distribution. "This is part of Metlight's vertical integration. The Exhibition division will control and manage theatres under the Prime brand name,'' Mr Shanghavi said. Initially, it is planning to manage 25 theatres covering Mysore, North Karnataka and parts of Andhra Pradesh. In the next phase it will cover Punjab, West Bengal and Mumbai. "The three main factors to be considered while choosing theatres are location, condition of theatre and acceptance of change in management. The company hopes to take over 250 theatres in the next few years,'' he said. It will underwrite the theatres for 3-5 years on a profit-sharing basis. Mr Shanghavi said that with three profit centres — production, distribution and exhibition — the company aimed to mitigate risk. It hopes to generate revenues of Rs 30-32 crore this year.
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