PVR to invest around Rs100-125 crore in FY12

PVR to invest around Rs100-125 crore in FY12

Mumbai: Film distribution and production house PVR Pictures, a 60% subsidiary of the listed PVR, will invest around Rs100-125-crore in FY12 to up its distribution activities and production of 3-4 Bollywood movies, a top company official said.

JP Morgan Mauritius Holding Ltd and ICICI Venture each hold 20% stake in PVR Pictures, that came into existence in 2005 with its first production Aamir Khan-starrer Taare Zameen Par , that released in 2007.

The company is close to inking four distribution deals for Hindi movies and 15 Hollywood movies.

“We will invest around Rs100-125 crore in the coming fiscal. We have three movies under our production house. Besides we will be signing distribution deals for 15 Hollywood and four Hindi movies. All are set to release in FY12," PVR Pictures’ president, Kamal Gianchandani told the news agency here on Thursday.

He, however, refused to divulge details on the upcoming deals.

The company has produced around nine movies so far, including blockbuster Jaane Tu Ya Jane Na, Ashutosh Gowariker’s Khelenge Jee Jaan Se and Aisha.

On revenues the company expects from its upcoming movies, Gianchandani said, PVR pictures expects a 10% increase in its earnings in FY12.

The company posted revenues of Rs100 crore in FY10 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 started production of its movies for the coming fiscal. The next movie is Rakesh Omprakash Mehra-directed Teen thhey Bhai slated for release in 15 April.

It has also signed Emraan Hashmi and Abhay Deol for a film 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 Anil Kapoor. All the movies are being made on a budget of under Rs30 crore, Gianchandani added.