| MUMBAI:
GV Films
Ltd has not yet frozen on its demerger scheme but says it has fixed the cut off
date for the proposed demerger as 30 June.
The company had earlier announced its plans to demerge into
three entities with two new resultant companies - GV Studio
City Ltd and GV Technologies LTd and parent company GV Films
Ltd, intact.
While
GV Studio City Ltd will look into the mutliplex business and
hospitality industry, GV Technologies will look into the internet
protocols and IPTV business. GV Films Ltd meanwhile will continue
production of films and providing content for serials.
The
company has informed the BSE that Deloitte Haskins & Sells
shall submit their detailed report on the demerger on or before
15 July. On receipt of the same, the board shall finalise
the modalities of the demerger scheme.
The
company could enter into a JV with President group whose chairman
Aboo Bucker has expressed desire to join with the company
and develop their existing land at Uthandi on East Coast Road,
Chennai by forming a special purpose vehicle.
The
total investment in the project will be approximately Rs 750 million. The project
will have a 75-100 rooms themed hotel, multiplex with 10-15 screens and shopping
malls.
A
committee of directors has been delegated to study the feasibility
of the project and add on values.
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