Mumbai-based entertainment powerhouse UTV Software Communications announced that its is moving its film activities to an overseas subsidiary, UTV Motion Pictures, which will be listed on the London Stock Exchange's Alternative Investment Market, according to THE HOLLYWOOD REPORTER.
UTV has recently dipped into co-productions on English languaged productions, including THE NAMESAKE, I THINK I LOVE MY WIFE and M. Night Shyamalan's forthcoming thriller, THE HAPPENING.
UTV chairman Ronnie Screwvala told the trades, "We have matured our movie studio business to a leadership position both in South Asia and globally, and we need to unlock value for our shareholders. In India we are constantly benchmarked with 'pure play' Hindi movie producers -- and our movie model is far more robust, stable and global than anyone in South Asia. We believe that international investors on overseas stock exchanges understand such a mature model better. I cannot comment on valuations at this stage, but most of our key developments have unfolded recently and so we aim to get true value for our recent consolidation and lineup. On timelines we are hopeful of completing the entire exercise in less than three to four months."
UTV Software Communications Ltd. has holdings in the television, new media (which includes animation), gaming and post-production/special visual effects industries.