Hindi
Inox buys out promoter stake in Fame
MUMBAI: Inox Leisure Ltd has acquired 43.3 per cent in Fame India Ltd for Rs 664.8 million, making it the second largest multiplex operator in the country and signaling consolidation in a sector that requires oodles of cash to fund expansion.
Inox acquired the stakeholding of the promoters, the Shroff family, through a block deal executed on the BSE in opening trades.
Inox will make a mandatory open offer for an additional 20 per cent as per regulatory guidelines in the next 3-4 days.
“With this acquisition, we have become the largest multiplex operator in terms of revenue. We have also accelerated our expansion on a pan India basis,” says Inox Leisure chief executive officer Alok Tandon.
The Inox-Fame combine will have 204 screens from 55 multiplexes. While Inox has 30 operational properties with 109 screens and a seating capacity of 31401 in 21 cities across India, Fame has 25 operational multiplexes with 95 screens and a seating capacity of 26487 in 12 cities.
The transaction is entirely funded by Inox‘s promoter company, Gujarat Fluorochemicals, as a shareholder loan.
Inox has a debt of Rs 550 million and $13 million FCCBs (foreign currency convertible bonds). “The FCCBs are due for redemption in March, 2011,” says Tandon.
Inox will continue to be a separate company. The company is yet to take a final call on whether Fame should be delisted and on how the brands are going to operate in the marketplace, Tandon adds.
Inox plans to add 55 screens across 15 multiplexes by December 2010. “Fame also will be adding 25 screens by December this year,” says Tandon.
Fame also has subsidiaries such as Big Picture Hospitality Services – its food business JV, Headstrong Films – its film production JV and Shringar Films, its film distribution business.
Enam Securities acted as the investment banker for Inox while Yes Bank advised Fame.
So will Inox pursue further acquisitions? “We have an appetite for inorganic growth. We will make acquisitions if we see the right opportunities,” says Tandon.
Earlier, Inox had acquired Calcutta Cine Pvt. Ltd. (CCPL) a Bengal Ambuja company. The acquisition gave Inox access to an additional nine multiplexes in West Bengal and Assam.
Inox shares, which rose 20 per cent in the session, ended Wednesday at Rs 85.65 on the BSE, up 11.74 per cent from the previous close. Fame shares touched the upper circuit and closed at Rs 46.10, up by 4.89 per cent.
Hindi
Jio Studios, Sanjay Dutt team up to revive Khal Nayak
Rights acquired for new version, format under wraps as remake plans take shape.
MUMBAI: The villain is back and this time, he’s rewriting his own script. Jio Studios has partnered with Three Dimension Motion Pictures and Aspect Entertainment to revive the 1993 cult classic Khal Nayak, marking a fresh chapter for one of Bollywood’s most iconic anti-hero stories. The original film, directed by Subhash Ghai under Mukta Arts, was a commercial and cultural milestone, with Sanjay Dutt’s portrayal of Ballu becoming one of Hindi cinema’s most memorable performances.
Dutt, along with Aksha Kamboj, has now acquired the rights from the original creators, bringing on board Jio Studios and its President Jyoti Deshpande to steer the project creatively.
While the exact format whether remake, sequel, prequel, or a completely new narrative remains undisclosed, the collaboration aims to reinterpret the story for contemporary audiences while retaining the essence that made the original a defining film of the 1990s.
The move taps into a broader industry trend of reviving legacy intellectual property, particularly characters with strong recall value. “Khal Nayak” was notable for pushing mainstream Hindi cinema into morally grey territory at a time when heroes were largely one-dimensional, making Ballu’s character a standout.
The project also marks the film production debut of Aspect Entertainment, signalling a push towards more technology-led storytelling frameworks. Meanwhile, Jio Studios continues to expand its slate, having built a library of over 200 films and series, with more than 60 titles collectively winning 500-plus awards.
For Dutt, the revival is as much personal as it is strategic, a return to a role that reshaped his career. For the industry, it is another sign that nostalgia, when paired with scale, remains a powerful box-office proposition.
Because in Bollywood, some villains never fade, they just wait for the perfect comeback.
