MUMBAI: Ex-K Sera Sera managing director Parag Sanghvi has floated a new film production company called Lotus Film Company.

Lotus Film Company was floated earlier this year with an initial investment of Rs 700 million (Rs 70 crores). Going forward, another round of investment amounting to Rs 1 billion (Rs 100 crores) will be pumped, informs Sanghvi. The company will be launched formally in three months’ time after a few more scripts are finalized.

The company has two films on floors currently and a few more in various stages of planning. Sanjay Dutt starrer Chatur Singh Two Star directed by Ajay Chandok is currently on floors in Africa. Another film, Tara Sitara starring new comers is also on floors. The company plans to put two more big budgeted films on floors before this year-end.

Speaking exclusively to Businessofcinema.com Sanghvi says, "In the first year of our operations, we plan to release four movies, followed by eight movies in the second year, and 12 movies in the third year."

Clarifying the new company’s link with K Sera Sera he says, "Lotus Film Company and K Sera Sera are run by different promoters and have no connection. K Sera Sera is currently being managed by a set of professionals."

Sanghvi stepped down as K Sera Sera’s managing director in 2006, but continues to hold a minor stake in the company.

Additionally, Sanghvi continues to be actively involved in his real estate business. However, since he has experience in film production, he will lend a hand to set up this business in its initial stages and then have professionals manage the projects.