Providence Equity Partners, a global private equity firm specialising in equity investments in media, entertainment, communications and information services companies, has invested around Rs 260 crore in a mix of primary and secondary investment in UFO Moviez India Ltd.

UFO is the world's largest satellite-based digital cinema service with close to 2,500 screens across India and delivers MPEG-4 content for digital cinema via satellite.

A press release from the company says this investment will augment the company's growth plans in the Indian and international markets as well as the roll out of its 3D systems in more than 1,000 screens in India.

Expansion plans

UFO has aggressive expansion plans and is targeting 4,000 screens in the next two years.

By virtue of this investment, Providence Equity Partners will take a significant minority equity stake in UFO and will be the largest shareholder in the Company.

Indian promoters

The Indian promoters of the company, Valuable Group and Apollo International Ltd (an affiliate of Apollo Tyres) as well as 3i Group, an international private equity fund and an early investor in UFO, will continue to remain significant shareholders.