MUMBAI: It was with Spider-Man 3 that Percept Picture Company (PPC) announced its foray into film distribution. In a press conference held on Tuesday, PPC formally announced the formation of its new business vertical for film distribution.

Allocation of $ 10 million for a period of one year has been made for the company’s foray into Hollywood and Bollywood film distribution, building infrastructure and appointing man power and acquisition of content.

“Our aim in setting up the film distribution vertical is to bring in clearer systems, auditing, provide servicing to smaller theatres, make available good cinema to audience, which will then help to create efficiency and transparency,” states Percept Picture Company CEO Preet Bedi.

Percept Picture Company director distribution and IPR management Ashok Ahuja adds, “We want to make Percept Picture Company into a 360 degree company and hence we have wanted to venture into film distribution. Our aim is to distribute our own films as well, instead of selling them to a third party. “Following Spider-Man 3’s release PPC has set target to acquire films in the same league.

Distribution offices will be first set up in Mumbai and Delhi. When quizzed about overseas distribution, Ahuja reveals, “With Hanuman 2 releasing on 2 November, we plan to set offices in the UK and the USA. Thus by setting offices at these four places we aim to capture 70 – 80 per cent revenues.”