MUMBAI: Soon after Mukta Arts stepped in to pick up a majority stake, Red Carpet Films has sealed a four-movie deal with Eros. Being medium budget projects, the total investment is expected to be around Rs 400 million.

"The production cost of these four mid-budget films would be around Rs 400 million. We expect to complete them in a year's time. The first to come on floor will be in the next six months. ," Mukta Arts CEO Ravi Gupta tells Indiantelevision.com.

Red Carpet Films will produce the four films which are to be financed and distributed by Eros Multimedia. "We also have a profit sharing arrangement with Eros across all the revenue streams," says Gupta.

Mukta Arts recently acquired a 50.01 per cent stake in Red Carpet Films, a newly started movie company by Manish Goswami, for Rs 2,50,470.

"We acquired a stake as Red Carpet Films had funding and distribution in place with Eros. We can increase the bandwidth of our production capability through this joint venture company. The Eros deal means that Red Carpet Films will have a film project every quarter," says Gupta.