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| High Ground buys 15% stake in UK studio Rain Post |
| Press Trust of India / Mumbai Jan 29, 2012, 13:12 IST |
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Media and entertainment firm High Ground Enterprise Ltd (HGEL) has picked up a 15% stake in one of UK's leading post-production studios, Rain Post, for about 5 million pounds.
The BSE-listed HGEL would be the strategic partner to the UK's leading post-production studio for markets, including UK, US and Middle East (West Asia)," HGEL Promoter Karan Arora said here.
The stake in Rain Post with a prospective value of 5 million pounds (GBP) augurs well for the Group's in house post production requirements and compliments future business module, said Arora, a London-based NRI entrepreneur.
Rain Post has a 20 million pounds order book for the next two years, with clients including Red Bee Media, Channel 4, Digital Fusion Motion Pictures (Dubai), North America Media (US), BBC Worldwide, Endemol (UK) and the Walt Disney Company amongst others, he said.
Mumbai-headquartered HGEL specialises in the media & entertainment sector. Its business activities include independent film production, production alliances, acquisitions, film consultancy & finance and post-production facilities.
The Group is one of the market leaders in identifying and consulting for global film production incentives available in various countries across the world.
HGEL's London-based strategic arm 'Picture Partners' is one of the top players in the global film incentive vertical in UK/Europe region.
It has collaborated with 20-odd films till date and is aiming to be a key global player in identifying niche funding methods and additional revenue sources to mitigate the volatility in film business, Arora said.
The Group, through its arm, Picture Thoughts Production, had released its first independent production 'Bhindi Baazaar' in 2011. It plans to release three Hindi movies in 2012, he said.
Along with Pixion (a unit of Century Communications), Picture Thoughts has also funded Neil Nitin Mukesh-starrer and Sudhir Mishra-directed 'Tera Kya Hoga Johnny', he said.
The Group, which has been identifying and tapping new markets for its film business, had also released the Hindi version of Rajnikant and Aishwarya Rai-starrer 'Robot' in Fiji Islands which elicited a positive response, Arora said.
HGEL is likely to post turnover of Rs 25 crore for the fiscal ending March, 2012 as against Rs 10 crore in the previous year, he added.
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