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PVR to invest around Rs 100-125-crore in FY 12
Mumbai, Jan 13 (PTI) Film distribution and productionhouse PVR Pictures, a 60 per cent subsidiary of the listedPVR, will invest around Rs 100-125-crore in FY 12 to up itsdistribution activities and production of 3-4 Bollywoodmovies, a top company official said.
JP Morgan Mauritius Holding Ltd and ICICI Venture eachhold 20 per cent stake in PVR Pictures, that came intoexistence in 2005 with its first production Aamir Khan-starrer''Taare Zameen Par'', that released in 2007.
The company is close to inking four distribution dealsfor Hindi movies and 15 Hollywood movies.
"We will invest around Rs 100-125 crore in the comingfiscal. We have three movies under our production house.
Besides we will be signing distribution deals for 15 Hollywoodand four Hindi movies. All are set to release in FY 12, " PVRPictures'' President, Kamal Gianchandani told PTI here today.
He, however, refused to divulge details on the upcomingdeals.
The company has produced around nine movies so far,including blockbuster ''Jaane Tu Ya Jane Na'', AshutoshGowariker''s ''Khelenge Jee Jaan Se'' and ''Aisha''.
On revenues the company expects from its upcomingmovies, Gianchandani said, PVR pictures expects a 10 per centincrease in its earnings in FY 12. .
The company posted revenues of Rs 100 crore in FY 10 and is expecting flat sales in this fiscal.
"The coming fiscal we plan to consolidate our business.
We will do lesser films but big ticket and quality projects,"he added.
On new movies, he said, the company has startedproduction of its movies for the coming fiscal. The next movieis Rakesh Omprakash Mehra-directed ''Teen thhey Bhai'' slatedfor release in April 15.
It has also signed Emraan Hashmi and Abhay Deol for afilm called ''Shanghai'' to be directed by Dibakar Baneerjee.
The movie will be released in October.
The third movie is an untitled one to be made by AnilKapoor. All the movies are being made on a budget of underRs 30 crore, Gianchandani added.
