MUMBAI: Financial services provider Religare Enterprises and film production house Vistaar Entertainment Ventures have announced the launch of India's first regulated film fund, Vistaar Religare Film Fund (VRFF), in which each will hold 50 per cent.

VRFF plans to divest 24 per cent even as it aims to raise Rs 2 billion in the first round. The close-ended fund will have a lock-in of five years.

"VRFF is looking for investors such as high net worth individuals and focused investment funds, to which it might subsequently sell 24 per cent of its stake," says Vistaar Religare Capital Advisors chairman and managing director Sheetal Talwar.

For starters, Vistaar Religare Capital Advisors Limited, the asset management company, has filed for an approval with SEBI (Securities and Exchange Board of India) as a venture capital fund (VCF). "We hope to get the approval. We have a slate of movies where we plan to invest," says Talwar.

There are four movies in the pipeline, one of which is an international project. "The slate includes three Hindi movies with an average budget of Rs 100 million. We are also looking at an international film of $25 million (around Rs 1 billion) size in association with Asia Content Centre. We will take a 50 per cent position in the project which will have a pan Asian script," says Talwar.

Talwar further elaborates: "We will identify and promote new talent, be it directors, writers, technicians or actors."

Besides investing in Hindi and overseas film projects, VRFF will also be looking at regional language movies.

Says Religare Enterprises CEO and MD Sunil Godhwani, "We have always believed in spotting new opportunities for creating and maximizing wealth for our investors. This fund will be yet another step from our umbrella in that direction and it's a strong combination of sharp, seasoned financial minds along with experienced and innovative minds from the business of entertainment and films."

Vistaar Entertainment Venture's first film project was Dharm.