Nov 27, 2008

Entertainment - M&M enters TV & Movies

Meenakshi Verma Ambwani

NEW DELHI: Mahindra & Mahindra-owned movie production house Mumbai Mantra will raise money from private equity players to fund expansion. The
company will invest Rs 400 crore in the next 3-4 years in movie production and plans to use a mix of private equity fund, debt and internal accruals for the same. It is finalising plans to enter the television content space too.

“We want a large-scale presence in movie production to de-risk the business. We will produce 25-30 movies per year which will include regional movies,” Mumbai Mantra chief executive officer Andrey Purushottam said. The company has already spent Rs 50 crore on various projects.

Early this year, automotive major Mahindra & Mahindra announced foray into the media and entertainment business through Mumbai Mantra. Besides movie production, the company also plans to enter the broadcast space.The company could look at picking stake in an existing television channel.

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