Housing Development and Infrastructure (HDIL), a Mumbai-based real estate developer, is looking at buying stakes in regional media and entertainment companies multiplex and film production companies in an effort to emerge as a major entertainment company in the next five years.
Entertainment, which constituted a minor share of HDIL's Rs 2,380-crore total revenue in the last financial year, is expected to add significant numbers to the company's top line in the next five years. The company will focus on broadcasting, film production and distribution, studio facilities, among others, a senior company official said.
"We are looking at both organic and inorganic growth in the media and entertainment segment. We expect a good chunk of revenues to come from entertainment in the next five years, post-acquisitions,'' said Sarang Wadhawan, the managing director of HDIL.
The country's third largest property developer by market capital recently picked up A 51 per cent stake in Sri Adhikari Brothers-promoted Broadcast Initiative and two of its subsidiaries, Sri Adhikari Brothers Media (SABML) and Techocraft Media (TMPL), marking its foray into broadcasting.
SABML runs Marathi channel Mi Marathi, while TMPL is starting a Bhojpuri channel soon.
