MUMBAI: Mahindra & Mahindra Group's untitled film arm has taken its first step in distribution. The company has acquired the worldwide rights of the Suneil Shetty headed Popkorn Entertainment's Mumbai Chakachak.

Mahindra Media Company COO Indranil Chakraborty said, "This is an acquisition which is inclusive of the distribution, satellite, music and digital rights of the film. We have just signed the MoU with Popkorn." The IPR is still in the discussion mode and will be decided shortly.

As reported by Indiantelevision.com earlier, M&M is setting up a venture capital fund with an initial corpus of $50 million (Rs 2 billion). The fund, which will be held by a trust, is going to invest in the group's film and media initiatives.

Mumbai Chakachak is a one-off deal, but Chakraborty adds that M&M's film company is looking to do more projects with Popkorn.

The film, which stars Rahul Bose, Ayesha Dharker, Mandira Bedi, Suresh Menon, Cyrus Broacha and Vinay Pathak, is slated to release soon.

As far as productions are concerned, M&M has decided to start with either a "Hinglish" or a regional language film. The company had earlier decided to start its production initiatives with a Bollywood movie.

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