Videocon Entertainment Taps Foreign Cos For Metro Plans

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Mumbai, December 4:: Videocon Entertainment, the wholly-owned subsidiary of Videocon International Ltd, is in talks with Dream World of Australia, Warner Village and Sentosa Group of Singapore for foraying into the entertainment business. This new business will include setting up of theme parks and multiplexes in major metros across the country.

Earlier, the company had initiated talks with US-based Universal Group which ultimately could not materialise.

According to industry sources, “As a part of diversified businesses, Videocon Group has identified entertainment sector as one of the profitable businesses for the long term. The company has initiated talks with international entertainment majors but has not reached any final settlement.”

The total cost of project is estimated to be around Rs 100 crore. Videocon plans to retain majority stake in the alliance. Basically, the investments by Videocon will be made through its real estate. The group owns a considerable amount of real estate in prime locations of cities like Mumbai, Kolkata, Bangalore and Delhi. Said sources in Videocon, “We are in final stage of negotiations with our foreign partners. To start with, we have plans to set up multiplexes and theme parks in Navi Mumbai followed by Bangalore.