The Hindu Business Line : RPG Enterprises to fund Saregama's film ventures

Speaking to newspersons after the Saregama India Ltd AGM, he said that the estimated Rs 9 crore required for the productions lined up for the current year would be provided by RPG Enterprises.

He refused to elaborate on whether this money would be given as loan, equity or bonds.

As part of Saregama's plans to emerge as a full-fledged entertainment company, the management created - through a scheme of arrangement sanctioned by the Calcutta High Court - a wholly owned subsidiary called Saregama Films Ltd last year.

Mr Goenka said that the first venture of this subsidiary - a Hindi film called Tumsa Nahin Dekha with music by Richard Clayderman and Nadeem Shravan - was already on the floors and would be released in early 2004-05.

This movie is directed by Anurag Basu.

"The next movie has a bold theme and is to be directed by E. Nivas. It stars Sushmita Sen and Lara Dutta. The budget of both these movies would be less than Rs 5 crore each."

Mr Goenka said that with the revival of the Bengali film industry, Saregama Films plans to make a commercial Bengali movie; a creative team has already been set up to work out the details, which are likely to be in place by April.

Some years ago, the group had got into the film business but withdrew later. Although some of its productions received national awards, the films were not profitable.

Mr Goenka is more optimistic this time, since many several revenue streams are available, like DVD, satellite and cable TV, besides commercial release in theatres.

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