MUMBAI: Tips Industries is open to the idea of floating a new joint venture company with an investor as partner for scaling up its movie production business.
Tips is also exploring opportunities to enter into joint venture arrangements with different companies on a project basis. The investment will be done by the partner while Tips will focus on its expertise in filmmaking.
"We are not looking at diluting stake to raise money and scale up. The best route is to do joint ventures on a project basis where we get funding from our partners. The other option is to open a new joint venture company and raise money from the partner to scale up the movie production business," Tips Kumar chairman and managing director Kumar S Taurani tells Indiantelevision.com.
Tips‘ focus will be to make two good movies a year. "We will scale up only if the other routes open up," adds Taurani.
Prince, Tips‘ latest release, has clocked Rs 200 million gross in the opening weekend. "The movie is getting a good response at the box-office. We plan to release Hari Om, an international movie, this fiscal. We will do one-to-two movies more during the year if we get to distribute them," avers Taurani.
Tips is likely to end FY‘10 on a revenue of Rs 800-900 million with Ajab Prem Ki Gajab Kahani accounting for Rs 600 million.
The satellite telecast rights of Ajab Prem Ki Gajab Kahani have been syndicated to Colors and Imagine TV. "We are in talks with other broadcasters for syndicating the rights," says Taurani.
On the music front, Tips will release the repertoire of titles that had stayed idle with it ever since it had acquired music companies like Weston, Time, Oriental and Vatsa years back.
"The bottom line is stabilised because of our music revenues. Digital is far to take off in India. But we get good revenues from radio, public performance and mobile," says Taurani.
