Indian media conglomerate UTV Software Communications is to transfer all its worldwide film production activities into one of its overseas subsidiaries, which will move to be listed on the Alternative Investment Market (AIM) of the London Stock Exchange.

The move is a clear signal of the interest of the group in international production.

UTV's slate includes current North American releases The Namesake from Mira Nair and I Think I Love My Wife from Chris Rock, as well as M Night Shyamalan's upcoming sci-fi drama The Happening starring Mark Wahlberg. All are co-ventures with 20th Century Fox.

Production of Indian and non-Indian language films going forward will come under the auspices of the listed venture.

UTV Software Communications chairman Ronnie Screwvala said that while the company would continue to make predominantly Indian titles he expected more than 50% of film revenue to come from international markets by 2009.

'It is our intent to position UTV Motion Pictures as a global Indian movie major and so our overseas listing will facilitate mergers and acquisitions, alliances and joint ventures in the main international markets with global film companies,' Screwvala said.

'Some US studios are in advanced stages [of talks] with us in their interest to partner with us in India, and an overseas structure supports this alliance.'

Screwvala declined to comment on valuation, adding: 'Most of our key developments have unfolded recently and so we aim to get true value for our recent consolidation and line-up We are hopeful of completing the entire exercise in less than three to four months.'