MUMBAI: Viacom and TV18’s joint venture The Indian Film Company, which was recently listed on London Stock Exchange’s Alternative Investment Market (AIM) is firming up plans for its first co-production venture.

The film, titled Loot, which will be made on a budget of Rs 120 million (Rs 12 crores), is in co-production with actor Suniel Shetty’s production house Popcorn Entertainment. While the male star cast has been finalised, the female leads are yet to be decided.

The companies have signed on Suniel Shetty, Govinda, Shreyas Talpade and Javed Jaffrey for Loot.

Confirming the same to Businessofcinema.com, Popcorn Entertainment director and head of movie business Shabbir Boxwala says, “We are in talks with The Indian Film Company for our forthcoming project. The film will be directed by Rajneesh Thakur.”

Thakur, who earlier directed Amar Joshi Shaheed Ho Gaya, has also been associated with Ram Gopal Varma as a writer and director for various films including Love Ke Liye Kuch Bhi Karega, Road and Darna Mana Hai.

Network 18’s motion picture division – Studio 18’s CEO Sandeep Bhargava, who is also heading The Indian Film Company, said, “We have been in talks with Popcorn, however the papers are to be signed.”

Loot is a comic thriller and will be shot extensively in Russia. “This will be the first Bollywood film to be shot in Armenia, Russia. It will go on floors by August end,” Boxwala informs.

The Indian Film Company raised £50 million (Rs 4.55 billion) on AIM and is targetting to hold investments in a diversified portfolio of approximately 30 to 40 film projects. The size of investments in individual film projects would initially range from £1 million to £7 million.

Meanwhile, the company’s stock on AIM is currently trading at 100 pence (£1), which is its original  listing price, when it debuted on 18 June, 2007.