Date:30/09/11,
Private Equity,
Domestic Deal,
UFO Moviez India Ltd, a Satellite-based digital cinema network, invests INR 2000 million to increase its holding in the four year old Mumbai based start up, Scrabble Entertainment Pvt Ltd. This comes soon after Providence Equity Partners invested Rs 260 crore in UFO Moviez, which is also backed by another private equity firm 3i Capital.
“By acquiring majority stake in Scrabble, UFO Moviez has reiterated its commitment to ensure that the Indian film industry ecosystem benefits from the resulting cost-efficiency and increased reach of content by taking Hollywood content to cinema lovers across ‘Bharat' and beyond its metros. We shall ensure that this Indian combine, started by first-generation entrepreneurs, now goes global,” Kapil Agarwal, joint managing director of UFO Moviez, commented on the investment.
UFO Moviez India has recently raised its holding from 26% to 52% in Scrabble Entertainment. Other investors in Scrabble include Sunil Patil and Ranjit Thakur (also the CEO), besides Walkwater Media Ltd., owned by film-maker Manmohan Shetty.
No comments:
Post a Comment