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Ministry bid to lure venture capital for entertainment sector

Our Bureau

New Delhi , Nov. 5

IN yet another effort to encourage the flow of `clean money' in the entertainment sector, the Information and Broadcasting (I&B) Ministry has decided to set up a Committee to work out modalities to attract venture capital (VC) funds to the industry.

Addressing newspersons, the I&B Minister, Mr Ravi Shankar Prasad said, "This is an ongoing process to attract clean capital. The entertainment sector is a high-risk sector that requires the interplay of VCs."

The committee will be chaired by Mr N.K. Singh, Member, Planning Commission, while Mr Pawan Chopra, Secretary, I&B Ministry, Mr K.V. Kamath, Chairman and Managing Director, ICICI Bank, Mr Vinod Rai, Additional Secretary (Banking), Finance Ministry and Mr L. Mansingh, Director General of Foreign Trade (DGFT) will be members. Some well known film personalities like Mr Shekhar Kapoor, Mr Manmohan Shetty, Mr Subhash Ghai, Mr Bobby Bedi and Mr Saurabh Srivastava have been roped in as special invitees.

The committee will suggest a roadmap outlining a strategy to attract venture capital funds to invest in the entertainment sector and also study the existing investment regime and identify areas of policy changes to facilitate such investment.

It will submit its report in six weeks. Currently only a few VCs have invested in the entertainment sector.

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