Business Daily from THE HINDU group of publications
Friday, Jun 06, 2008
ePaper | Mobile/PDA Version | Audio
Business Daily from THE HINDU group of publications Friday, Jun 06, 2008 ePaper | Mobile/PDA Version | Audio |
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Markets
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Venture Capital
Our Bureau New Delhi, June 5 PVR Pictures Ltd, a wholly owned subsidiary of PVR Ltd, is to receive an inflow of Rs 120 crore from JP Morgan Chase Bank’s private equity arm and ICICI Venture Funds Management Company. The film production and distribution company which co-produced Taare Zameen Par recently, has an in-principle agreement to receive Rs 60 crore investment each from the two parties. The transaction, said the company, will enable the parent PVR Ltd to become a fully integrated film company with interests across the entire value chain including production, distribution and exhibition. “Currently, distribution and production accounts for about 10 per cent of our revenues, but we see this growing to 20-25 per cent over the next 12 months,” said Mr Nitin Sood, Chief Financial Officer, PVR. “The funds will be deployed in the production and distribution business. We plan to produce more and more film projects, of all genres and kinds,” he added. Both the investors, JP Morgan Mauritius Holding IV and ICICI Venture Funds Management Company, and PVR have therefore executed Share Subscription Agreement and Shareholder Agreement on June 4, PVR informed the stock exchange. The cinema chain claims to contribute around 15 per cent of the box office collections of any leading Hindi movie. The company has also distributed over 100 Hindi and Hollywood titles over the last three-four years. It is co-producing another film after the successful ‘Taare Zameen Par’ with actor Aamir Khan’s production house, titled ‘Jaane Tu Ya Jaane Na’. More Stories on : Venture Capital | Cinema
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