Modi to pump Rs 4 bn in movies; signs Gowariker, Bazmee

MUMBAI: After losing out on the bid to acquired the tainted Satyam earlier this year, Dr BK Modi is now eyeing the entertainment and media sector. Spice Group’s new venture Spice Enfotainment will be investing close to Rs 4 billion (Rs 400 crores) in the entertainment and media businesses and has signed two directors Ashutosh Gowarikar and Anees Bazmee to direct films.

Spice Enfotainment will be looking at presence in film and television production, broadcasting, music, gaming and Internet. Spice Enfotainment encompasses Spiceworld Malls, Spice Cinemas, Spice Circle Restaurants, music and gaming.

While Gowariker will direct the Rs 1 billion (Rs 100 crores) epic titled Buddha, Bazmee will direct a commercial potboiler titled No Problem in association with Anil Kapoor Productions.

Dr Modi said, "Spice Enfotainment Ltd. will help lovers of entertainment and information consume content through connectivity. It will make significant investments in global content production, exhibition and distribution across multimedia platforms. Inspite of being an intrinsically Indian venture at heart, it will present the best of the Israel-to-Indonesia brown belt to the global audiences. The best glocal teams will aggregate information, communication and entertainment on digital and mobile devices."

"The global entertainment domain presents numerous opportunities and Spice Enfotainment Ltd. is looking at organic and inorganic growth opportunities across platforms for monetization. Our unique strategy will weave in race, geography and technology. Leveraging a technology-based and digitization model, we are looking at a wide spectrum of possibilities and opportunities in content aggregation and dissemination. And addressing the youth will the cornerstone of our success mantra," he added.