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Bachchan back from bankruptcy

World Brief

Film vet Amitabh Bachchan is relaunching his entertainment company Amitabh Bachchan Corp. and has announced its first project, an unnamed Hindi-lingo pic in collaboration with Mumbai-based DMS films.

Raj Kumar Santoshi will direct.

AB Corp. (formerly ABCL) bowed in 1985 but went bankrupt in 1999 with losses of $12 million. Bachchan, who also hosts India’s version of “Who Wants to Be a Millionaire,” has repaid creditors.

“I have tried to put the terrible time associated with ABCL behind me,” Bachchan said. “I have cleared all the debts and am ready to begin again. I have renamed the company, though it is essentially the same in its vision and nature of work.”

AB Corp. plans to move into distribution and music rights at a later stage; it is also keen to produce content for television. Company plans to launch an IPO on the Mumbai Stock Exchange shortly.

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