MUMBAI: Zee Entertainment Enterprises Ltd (Zeel) will invest $210 million (Rs 8.5 billion) in its movie production and distribution business over three years.

Zeel's film business is being done through a subsidiary company, Zee Entertainment Studios (ZES).

"We plan to raise money in this company. It could be either through an initial public offer or private equity, depending on the market situation," Zeel CEO Punit Goenka tells Indiantelevision.com.

Indiantelevision.com had earlier reported that ZES aims to raise $200 million by diluting 10-20 per cent through an IPO offering at the Alternative Investment Market (AIM) of the London Stock Exchange.

ZES will produce movies in six languages - Hindi, Tamil, Telugu, Marathi, Bengali and Gujarati.

ZES plans to produce 8-10 movies this fiscal, scaling up to 24 films in next fiscal.

The film production and distribution business will fall under two different brands - Zee Motion Pictures and Zee Limelight.

For the first quarter of this fiscal, the company has released Jannat (Hindi) and De Dhakka (Marathi). The revenue from this stood at Rs 102 million and operating profit at Rs 49.9 million.

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