Financial Daily from THE HINDU group of publications
Wednesday, Aug 17, 2005
Financial Daily from THE HINDU group of publications Wednesday, Aug 17, 2005 |
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Corporate
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Alliances & Joint Ventures Marketing - Channels and Franchises Info-Tech - Internet Variety - Cinema GV Films signs pact with 1-Net Singapore Our Bureau
(From left) Ms Michell Yeoh, Associate Director, New Media Business, Mediacorp Technologies Pte Ltd; Mr Peter Leong, Associate Director, New Media Business, Mediacorp Technologies Pte Ltd; Mr V. Ravee, CEO, GV Films Ltd; and Mr Mahadevan Ganesh, Chairman, GV Films Ltd, at a press conference in Chennai on Tuesday. - Bijoy Ghosh
Chennai , Aug. 16 GV Films has signed a memorandum of understanding (MoU) with 1-Net Singapore for the Web streaming of over 6,000 films for which Internet rights were acquired more than four years ago. Mr Mahadevan Ganesh, Chairman, GV Films, said that the pilot project is on and the portals would go live in a couple of months. The objectives of this MoU are to stream and distribute films to the Indian diaspora. 1-Net Singapore, a technology solutions provider and operator of Singapore's broadband network, SingaporeOne, will host the portals `gvtamilfilms.com' and `telugupictures.com.' Ms Kimberley Foo, Assistant Director, Games and Entertainment Division, Infocomm Development Authority of Singapore, said that this is in line with the country's digital exchange strategy to encourage more digital content to be `hubbed,' processed, managed and distributed from the island nation. GV Films has acquired the exclusive rights of technology to produce live 3D content in India from an US-based company D3. The company is raising Rs 40.42 crore through a rights issue by issuing seven shares for every 10 shares held. The funds raised will be used for the construction of new multiplexes and the renovation of existing ones, meeting the cost of feature films, settling outstanding liabilities and obtaining additional working capital for the distribution and purchase of film rights. Mr Ganesh said that GV Films is planning a multiplex project in Koyambedu in Chennai and also plans to convert the theatres in Thanjavur (in Tamil Nadu) into multiplexes.
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