Mumbai: Viacom18 Media, one of India?s leading entertainment companies, has appointed Ajit Andhare, as the chief operating officer of its film business - Viacom18 Motion Pictures.

Joining today, Andhare will be responsible for the growth and profitability of Viacom18 Motion Pictures and will be reporting to Viacom18 Media Group CEO Sudhanshu Vats. In this role, Ajit will also lead Viacom18 Motion Pictures? distribution alliance with Paramount Pictures.

He replaces Vikram Malhotra, who put-in his papers, some time back, to pursue his entrepreneurial interests. Andhare had last week stepped down from his post as Colosceum Media CEO which he founded, along with Capital18.

Vats said, "In Ajit, we?ve found the right leader to drive Viacom18 Motion Pictures to the next level of growth & profitability. His passion for films coupled with his education and experience across varied fields like Engineering, Marketing and Creative production give him the edge to build a Business that would become a benchmark in the industry."

With an experience of over 17 years in FMCG and media, Andhare has worked with Unilever in India and Asia Pacific region for over 12 years across sales, general management and marketing roles. He holds an MBA from the Indian School of Business & B Tech from REC Rourkela.

Andhare said, "The fundamentals of Motion Pictures business in India are improving with growth in digital distribution, multiplex screens, emerging digital platforms and above all success of high content cinema. It?s a great opportunity to lead one of country?s premier studios recognized for its distinguished work in this exciting context."

Over the last two years, Viacom18 Motion Pictures has had hits like ?Tanu Weds Manu?, ?Pyaar Ka Punchnama?, ?Shaitan?; and super hits like ?Kahaani?, ?Gangs of Wasseypur?, ?OMG - Oh My God!?, ?Son of Sardaar? and the recently released ?Special 26? and ?Saheb Biwi Gangster Returns?.

Through its strategic alliance with Paramount Pictures, Viacom18 Motion Pictures also released some of the biggest Hollywood grosses in India, like ?Transformers: Dark of the Moon? and ?Mission: Impossible Ghost Protocol?.

MUMBAI: Ajit Andhare, the founder and CEO of Colosceum Media, has decided to step down from the post.

Andhare will, however, continue to be associated with Colosceum as a director and mentor to the team. Without divulging any details, Andhare said he is moving on.

"This is a day of mixed emotions for me. Building Colosceum from scratch into one of the India?s leading studios has been a very fulfilling journey as a professional turned entrepreneur," Andhare said in a statement.

The production house best known for properties like MTV Roadies and Splitsville has appointed Lalit Sharma as chief operating officer and Rajiv Lakshman as chief creative officer.

Sharma and Lakshman, who have been a part of the founding team, will assume the responsibility as co-heads of the company. They are now set to steer the company to its next phase of growth and innovation.

The development gives credence to the rumours doing the rounds in the industry that Andhare is looking to offload his stake in Colosceum.

Andhare, it is believed, is keen on selling his stake in the company but that is if the valuation is right.

Capital18, which is a majority shareholder in Colosceum with 90 per cent stake, is also looking to bring down its stake in the company as part of its strategy to profitably divest stake in non-broadcasting businesses.

Capital 18 CEO Satbir Singh refused to comment. All that he said is,"We are constantly on the lookout to monetise our investments."

Andhare along with Lakshman owns the remaining 10 per cent stake.

The buzz in the industry is Mukul Deora?s Watchtower Entertainment, which was behind Bheja Fry2, is eyeing a stake in Colosceum.

A source close to the development says, "Watchtower Entertainment is keenly interested in Colosceum. KPMG is doing the due diligence for the company."

Colosceum is believed to have done a cumulative turnover of Rs twobillion in five years.