iDreams, the film production-distribution house floated by stock broker Sripal Morakhia and responsible for the Indian release of Bend It Like Beckham, is going global.
As the company relocates its HQ to London, iDreams now hopes to generate 80% of its revenues from international markets.
Sripal Morakhia, chairman of iDreams and head of brokering house SSKI, told The Economic Times that low returns in India and the popularity of crossover movies from Bollywood in international markets had prompted the company to revise its business strategy.
Domestic sales of iDreams products will only account for 20-30% of the company's revenues henceforth, Mr Morakhia said, adding that the relocation to London should be complete by August, this year.
The company's global ambitions are reflected in its film slate, which is headlined by release of the Indian version of Gulliver's Travels called Jajantaram Mamantaram - which is based on the story of the sleeping demon 'Bakasur' from Gujarati folklore. The film is being handled through US-based agent RGH/Echelon Entertainment.
"Besides the US and UK, iDreams is looking at launching dubbed versions in some 65 countries. In India, the release has been delayed to May 30 with 100 prints," Mr Morakhia said.
Another movie in the pipeline is a musical based on the bhangra rap that has evolved in London's Asian districts and is quite different from the bhangra back home. There is also a mystery called Samay with Sushmita Sen in the lead
The strategy is to go for co-productions. Several investors in each project reduces risk, the broker said. The company will contribute just Rs 10 crore towards five projects this year, but will hone its investment banking skills to put the money together from partners
iDreams has also set up a central script-writing workshop to develop and improve script-writing in India. As a diversification, it will also invest in TV software production.
* Indian Minister for information and broadcasting Ravi Shankar Prasad is to visit London this week as a follow-up to the visit of Tessa Jowell, the British minister for culture, sports and media who visited India earlier this year. A meeting of film producers and media professionals is being organised in London, with whom the minister would work to increase opportunities for networking and business promotion.