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Virgin forms India JV with Cinema Capital Venture Fund

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Richard Branson’s Virgin Produced media production company has entered into a partnership with Mumbai-based Cinema Capital Venture Fund and Tantrik Group, a media and entertainment asset management firm, to launch Virgin Produced India, which will develop, produce and distribute Bollywood films and remake Hollywood content for Indian audiences.

Virgin Produced India will create content to "specifically cater to the youthful and fast-growing Hindi-speaking population," according to a statement.

The Cinema Capital Venture Fund has a corpus of INR1.71 billion ($27.4 million) sourced from domestic investors and looks at opportunities in music publishing, infrastructure, digital technologies, regional cinema and international productions. It has produced and distributed Indian films since 2009. Its most recent hit, Krrish 3, has earned over INR2.46 billion worldwide.

Investment vehicles such as the Cinema Capital Venture Fund and Vistaar Religare Film Fund are registered as venture capital funds with the capital markets regulator, Securities and Exchange Board of India. They invest in film projects through special purpose vehicles and are reported to offer about 25-30% IRR to investors.

Last year DAR Capital Group, a London-headquartered investment banking and private equity firm, launched a INR1 billion ($18.6 million) movie fund to provide financing to projects throughout India.

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