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Film companies to invest in 3-D projects
New Delhi, April 12 (IANS) Two film companies - BVG Films and DAR Motion Pictures - plan to invest Rs.1 billion (over $22 million) to produce and release three 3-D films over the next two to three years.
BVG Films, a division of ASA Productions, and DAR Motion Pictures (DAR), the film entertainment division of DAR Media Private Limited, are already gearing up for their first release - Vikram Bhatt directed "Haunted 3D", which will hit the theatres May 6.
The remaining two movies in this deal are edge-of-the-seat 3-D action thrillers, a press statement said.
They have also tied up with digital cinema network UFO Moviez India Limited.
"A new industry is emerging and this is the dawn of that industry. When all arms of movie making come together, nothing can keep the industry from growing strength to strength. This is the big coming together of production, distribution and exhibition companies to keep the 3-D space alive and kicking," said Vikram Bhatt, board member of ASA Productions.
The companies are confident of the 3-D concept.
"This partnership is a gigantic step towards fast tracking the Indian 3-D revolution" There is no doubt that 3-D films are the future not just internationally but in India as well," DAR Capital Group's chairman Arun Rangachari said.
"Given our complete belief in this technology and the chicken and egg situation between the film exhibition and distribution fraternity and producers in India with regards to 3-D films, we decided to take the plunge with Vikram through this announcement and are very glad to have found like minded partner in UFO," he added.
By the time the third movie of the deal is set for release, the number of 3-D compliant theatres in the country is tipped to be around 1,200 screens, according to Kapil Agarwal of UFO Moviez.
"We are committed to enhance the country's 3-D footprint. Being a pioneer in this industry's technological revolution, we are focused on bringing in this next wave of change through our innovative business model designed around state-of-the-art 3D digital cinema systems with satellite based delivery to theatres across the country," he said.
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