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Chennai, Apr 7: Pyramid Saimira group, one of the leading entertainment groups in India, has decided to hive off its film production business and will list the same in the domestic markets soon.The company has hired leading consultancy firm Deloitte to do the valuation of the film production business - Pyramid Saimira Production International Ltd - and hopes to get the report in 10 days, said P S Saminathan, managing director, Pyramid Saimira Group.
Speaking to FE here on Monday, he said: “We plan to raise a maximum of Rs 200 crore. We feel film production business is highly under-valued and the listing is aimed at unearthing the real value proposition of the said business.”
“We expect the markets will bounce back in the coming months. We are looking at the valuation of anywhere between Rs 1,500 crore and Rs 1,700 crore of the film production business,” he said.
To a specific question, he said, “our objective is to list all the subsidiaries of the group over a period of time to focus on the respective businesses.” Pyramid Saimira has subsidiaries including film production, exhibition, distribution, TV content production, advertisement, gaming & animation, media, food & beverages and realty .
Earlier, speaking on the plans, he said the company will be producing 52 films during the current fiscal (2008-09) with an estimated investment of Rs 500 crore.
“We have announced production of 10 films on a single day today with an estimated investment of Rs 40 crore and this is the first time in the world that a production house is to commence production of 10 movies on a single day,” Saminathan said. The company plans to produce films in all the southern languages and Hindi, he added.
“Money is not the criteria we don’t require major capital to produce these films. We will pool in some funds from internal accruals and borrow some from outside,” he said.
The company has already completed six films in various languages and seven films are under production in various languages.
According to him, “Pyramid Saimira believes in scale and speed of execution. Production business, however, requires much higher level of creativity compared to other segments like exhibition and distribution. The company has created a huge ecosystem for production, creates process to flower creativity and has laid the foundation to become one of the largest production houses in the world both in numbers as well as in quality.”
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