Eros to invest Rs 2.8 bn to fund 11 movies

MUMBAI: Eros International Ltd, which has filed for an initial public offering (IPO) in India, has earmarked a budget of Rs 2.8 billion to fund 11 movies in Hindi, Tamil and Marathi.

The 11 titles include four each in Hindi and Marathi while three are in Tamil. Eros already has deployed Rs 254.10 million in respect of the Hindi film projects, according to information provided till 24 December.

Among the Hindi projects are three co-productions- Anjana Anjaanee, Desi Boys and a untitled project with Saif Ali Khan. The company has also acquired a Red Chillies Entertainment?s untitled movie starring Shah Rukh Khan.

Eros International has inked co-production deals for Marathi movies like Punha Dhakka, Haapus, Shodh and Phakt Ladh Mhana.

The company has also acquired Tamil movies like Murattu Kalai (remake), Arjunan Kaadhal, and Krishna Leelai.

Eros‘ business model is to release at least 50 movies a year. For the fiscal ended 31 March 2009, the company released 19 Hindi and 75 regional language films. In the year prior to that, Eros released 23 Hindi and 42 regional language films.

Eros International Media, a subsidiary of Aim-listed Eros International Plc, plans to raise Rs 3.5 billion via an IPO.

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