Zee Telefilms, India's largest listed media company, plans to invest $30m over the next two years in the production and distribution of Indian films. The company will also set up a distribution network for Indian films overseas.
Zee has appointed film producer Nittin Keni - formerly with National Film Development Corporation - as head of its film division. Keni was earlier associated with Zee when the company produced the 2001 box office blockbuster Gadar, Ek Prem Katha.
The first two films from the new venture will be released by March 2004. The company has also announced the Indo-French joint production, One Dollar Curry, to be directed by Vijay Singh.
Zee plans to open distribution offices in the US, Canada, Middle East and in Mumbai.
Zee is also a major investor in the multiplex business with two complexes in Mumbai and Ahmedabad under the E City banner.
Another Indian TV network Mumbai based Sri Adhikari Brothers (SAB) has launched its first film Wajahh - A Reason To Kill. The company has announced plans to produce and co-produce five Hindi films of medium budget every year.
The films will be produced in co production with Lotus Films a company promoted by real estate and diamond merchant Anand Pandit. The company will launch its next film in February. SAB will also form a new joint venture company for its film production venture and invest $15m in the next year.