| MUMBAI:
IndusInd Media & Communications Ltd (IMCL), Hinduja Ventures' media subsidiary
company, is moving out its content business into a separate entity.
In the demerger process, cable movie channel CVO, cable shopping network Shop24Seven
and movie licensing through Cablemaster will be housed inside IN Entertainment.
"Shop24
Seven India Ltd, the company that runs the cable shopping network, will be rechristened
as IN Entertainment. The film and television content business will come under
this common platform," says a source in the company. Engaged
in content development, financing and production, IN Entertainment plans to invest
Rs 2.5 billion over three years. So
will IN Entertainment be capitalised by Hinduja Ventures? "We haven't decided
on these things yet. This will get formalised in due course," says the source.
The Hindujas have
roped in Sunir Kheterpal as the CEO of IN Entertainment. He moves in from Big
Pictures where he was managing the co-production relationships. IN
Entertainment will be engaged in the content business through Serendipity Films
as well as co-productions with existing production houses.
Serendipity
Films, IN Entertainment’s production entity led by Ambika Hinduja, has already
built physical production capability and is in advanced discussions for providing
line production facilities to Hollywood films in India. IN
Entertainment will also acquire distribution rights of foreign films for India.
Once the content pipeline starts getting readied, there are plans to roll out
worldwide film distribution capabilities. On
26 February, IN Entertainment will be releasing Serendipity Film’s Teen Patti
staring Amitabh Bachchan, R Madhavan and Ben Kingsley. The
company has India distribution rights for over 75 English films and cable TV rights
of over 500 Hindi films along with 30 negative rights.
IMCL will retain its cable TV distribution and internet businesses. "IMCL
plans to raise Rs 5 billion. It is in talks with private equity investors. The
other option is to go for an initial public offering," says the source.
Also
Read:
Hinduja
Group appoints Sunir Kheterpal as CEO for content biz
Hinduja's
IndusInd Media plans to list | 
