The Hindu Business Line : UTV Soft to transfer movie biz

UTV Software Communications Ltd will transfer all its motion picture production activities to its subsidiary UTV Motion Pictures, which will be rechristened and listed on the Alternative Investment Market of the London Stock Exchange. The company will complete the transfer in less than 3- 4 months, Mr Ronnie Screwvala, Chairman, UTV Software Communications, said.

"We have matured our movie studio business to a leadership position in South Asia and globally and we need to unlock value for our UTV shareholders," Mr Screwvala said.

The company's film production businesses worldwide (including the Indian movie production unit) will be part of the listed entity. In the next two years, over 50 per cent of the company's motion picture revenues will come from international markets, Mr Screwvala added. The company is currently in advanced discussions with various US studios to position it as a global Indian moviemaker. Reacting to the development, the UTV scrip jumped by 2.5 per cent to close at 308.95 on the BSE today.

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