PEP invests 260 crore in UFO Moviez

PEP invests 260 crore in UFO Moviez

Mumbai: Global media and entertainment- focused private equity fund, Providence Equity Partners (PEP), on Tuesday said it has invested 260-crore to become the largest shareholder in digital cinema company, UFO Moviez.

UFO is the world’s largest satellite-based digital cinema service with close to 2,500 installations across India and will be using the infusion to fund roll-out of 3D systems in more than 1,000 screens in the country, a release issued said.

“Providence Equity Partners will take a significant minority equity stake in UFO and will be the largest shareholder in the company," the release said, adding that promoters Valuable Group and Apollo Tyres’ division Apollo International and PE firm 3i group will continue to remain “significant shareholders".

UFO Moviez has pioneered a cost-effective satellite-based High Definition Digital Cinema system for delivering movies and other live content, PEP’s managing director, Bis Subramanian said.

The company’s technology and overall model is ideally suited for India and other emerging economies, he said.

UFO is the only company in the world delivering MPEG-4 HD content for digital cinema via satellites. Since entering the business in 2005, it has screened 7-million shows in India and released 3,100 movies in 23 languages, the release said.