Network l8 to invest $10 mn in The Indian Film Co

New Delhi, Apr 30: Network l8 Fincap Ltd, the Group holdingcompany of TV18, GBN, Web18, HomeShop 18 and Studio 18, today said itwill invest 10 million dollars in The Indian Film Company, proposed tobe listed on the Alternative Investment Market (AIM) of the LondonStock Exchange.

Network 18 will invest in the 110-million-dollar venture through ordinary shares allotted at par, it informed the BSE.

The Indian Film Company is being sponsored by Mr Raghav Bahl, Founder and Promoter of the TV18 Group.

Studio18, the full spectrum motion picture division of Network 18,will enjoy a special relationship with The Indian Film Company and willoffer all its productions to the AIM-listed company on a 'first rights'basis.

Mr Raghav Bahl said, ''We are excited about sponsoring The Indian FilmCompany on AIM. It will enable high quality international investors toreap the benefits of the structural changes and growth opportunitiesbeing thrown up by the Indian film industry.'' Studio18 will also offera full menu of services, including production supervision, domestic andinternational theatrical distribution, home video distribution, andfilm acquisition and syndication services.

Mr Sandeep Bhargava, the current CEO of Studiol8, who will take uphis fresh assignment to lead The Indian Film Company said, ''We are atthe threshold of a structural revolution in India's film industry.Given the quantum and pedigree of the capital resources being raised byThe Indian Film Company, I am convinced that we shall be able to carveout a market leadership position in no time at all.''

UNI