MUMBAI: Mahindra & Mahindra Group has firmed up plans for its foray into the media and entertainment space. This initiative will first see the company set up its filmed entertainment business, followed by mobile, internet and television software.
Additionally, Mahindra & Mahindra is also planning to launch a venture capital (VC) fund to back its media foray. Hence within a few months, Mahindra will float two new companies – VC fund and media company.
It may be recalled that Businessofcinema.com was the first to report in October last year that Mahindra and Mahindra was planning to venture into the film production and distribution business.
Speaking exclusively to Businessofcinema.com, Mahindra media company COO Indranil Chakraborty says, "The venture capital will be announced by March. It will have a holding in the media company."
"The branding of our new media company will be independent of the name Mahindra. We want to have an independent identity, in tune with this media industry. We will formally launch this new company in April," adds Mahindra media company CEO Andrey Purushottam.
Giving an insight into the kind of movies the company will make Chakraborty says, "They will be mainstream commercial movies. We are not interested in art house cinema. The company aims at releasing eight-10 movies by 2010 -2011. Currently we are looking forward to producing and distributing the movies."
Purushottam has worked with Mahindra & Mahindra as the executive vice president corporate strategy. Chakraborty, on the other hand, was earlier with Sony Music as director sales, marketing and operations for a period of 10 years.
Other appointments in the company include that of Minnie Vaid and Gaurav Pandey as creative producers. Vaid has worked with Star TV for a period of three years and is also an indie documentary film maker. Pandey has directed various ad films and TV series. He also directed Raveena Tandon starrer Stumped and has written Anuranan.
Mahindra mulls media & entertainment foray