G.V.Films negotiating land in Coimbatore
Film Production and distribution house G.V. Films Ltd. will build integrated commercial complexes in 23 tier-two cities across Tamil Nadu."The complexes will be known as G.V. Studio City. Apart from a shopping mall, they will have three to five multiplex theatres and a hotel," A. Venkatramani, director of G.V. Films, told reporters here Thursday.The tier-two cities the company is targeting are busy business towns devoid of modern entertainment facilities. "For the population, cost is not a factor at all. The other advantage is that the complex will become the landmark structure in such cities," said V. Subramonian, the chief executive officer (CEO) of the company. The first of the 23 integrated commercial complexes will be inaugurated shortly in Thanjavur.The Rs.416.5 million company is negotiating for land in Trichy, Coimbatore and Madurai, he said. The company will first complete the projects in Tamil Nadu and branch off to other states later.The Rs.3.48 billion equity-based firm would fund the G.V. Studio City project with a mix of debt and internal accruals. When asked about the company's plans to build such integrated complexes in Shanghai, Subramonian said negotiations with the Shanghai Film Group Corporation and Growth Global Limited, UK, were progressing.He also said the company was awaiting Bombay Stock Exchange's sanction for the proposal to demerge the company's operations into three individual entities.Buying the internet rights for 8,000 Hollywood and several Indian movies, G.V. Films will soon start its web division to stream the movies for a fee. The company also plans to dub the Hollywood movies into different Indian languages.
