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MUMBAI:
UTV Group will get a consideration of $30.2 million for transferring
its movie portfolio to the subsidiary motion pictures company.
The valuation of the aggregate amount payable by UTV Mauritius
was done by Kingston Smith LLP.
UTV
Motion Pictures Plc, the holding company of UTV Mauritius,
has recently raised $70 million (around Rs 2.87 billion) through
its initial public offering on the Alternative Investment
Market (AIM) of London Stock Exchange.
Part of the proceeds of the issue will be used to fund the
payment to UTV. It will also be utilised for financing the
production of the movies in incubation and future film projects.
The
consideration amount is being paid to UTV India and UTV Asia
and (in the case of Goal) AIM Productions Ltd.
The
basket of movies that are being moved out include three completed
Hindi movies (Hattrick, Life in a Metro and The Blue Umbrella),
two completed English language movies (The Namesake and I
think I love my wife), two Hindi movies in production (Jodhaa
Akbar and Goal) and 40 films in incubation (including two
live-action movies and an animation movie to be co-produced
with Hollywood studios).
UTV
Mauritius has recently expanded from its movie distribution
business into the production of live-action and animation
movies. This includes the production and co-production of
Indian live action and animation movies and the co-production
of live action and animation movies with Hollywood studios
for exploitation on a worldwide basis.
UTV
Mauritius has undertakewn to appoint UTV India as the exclusive
line producer in India for the Hindi movies in incubation
except for the co-produced movies, Mumbai Meri Jaan and Fashion,
on the basis of cost plus a margin of five per cent.
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