London, May 1 (IANS) A new investment firm chaired by noted director Shyam Benegal and focussed on Indian movies is set to float on Britain's Alternative Investment Market this month to raise 55 million pounds.
The venture, called the Indian Film Company, is backed by Indian media entrepreneur Raghav Bahl's company, the Network 18 Group. Bahl and Lord Meghnad Desai will be the venture's non-executive director.
The company's chief executive, Sandeep Bhargava, told newsmen here: "We are at the threshold of a structural revolution in India's film industry. Our ambition is to be at the forefront of this revolution and create enormous wealth for a new category of investor."
Bahl is quoted in reports here as saying: "We couldn't float in India because the regulations do not yet recognise films as an underlying asset. London was the obvious choice, and investors have been very encouraging."