Company to handle worldwide duties for UTV film
HOLLYWOOD — The Indian Film Company is to handle worldwide distribution of UTV Motion Pictures’ upcoming comedy “Welcome.”
UTV has its own network of distribution offices and describes the unusual move that sees one of its movies sub-distributed by a rival studio, as a matter of risk management. “This agreement results in an attractive return on our investment in ‘Welcome’ and is in line with our strategy for optimizing risk. It will also release funds which we will use to continue the expansion of our core movie production activities,” Siddharth Roy Kapur, director of UTV Motion Pictures said.
Both UTV Motion Pictures and the newly formed IFC floated on the AIM section of the London Stock Exchange last year. Both raised substantial coin with which they are developing slates of 40-plus movies. IFC has backing from Viacom 18, Viacom’s joint venture with the Network 18 group.
“Welcome,” skedded for a late December outing, is helmed by Aneez Bazmee and was produced by Firoz Nadiadwala’s Base Industries. Starry cast is headed by Akshay Kumar alongside Feroz Khan, Katrina Kaif, Anil Kapoor, Paresh Rawal, Nana Patekar and Mallika Sherawat.
IFC released its first movie, Shahid Kapur and Kareena Kapoor-starrer “Jab we met,” at the end of Oct. Worldwide gross after first two weeks stands at over $6.3 million.