MUMBAI: Mid Valley Entertainment, which raised Rs 600 million through an initial public offering (IPO) this January, has entered into a joint venture with Andhra Pradesh-based Cinema Station for filmed content.

This Joint Venture will focus on all aspects of content industry in the state of Andhra Pradesh.

Midvalley Entertainment, which is in the business of production, distribution and exhibition of movies in Indian and foreign languages, will, thus, get access to 50 theatres in Andhra Pradesh for distribution of content. It also will be able to create alternative revenue streams, using exhibition points as locations for multiple points of presence and customer context.

Cinema Station has so far distributed over 32 films in Telugu and has produced nine films.

Mid Valley said that it expects a turnover of Rs 1- 1.05 billion and a profit of Rs 130-140 million in the current year.