GV Films, Dynamic in entertainment JV

GV Films has decided to forge a joint venture (JV) with the New Delhi-based Dynamic Infra Developers for setting up a Rs 4,500 crore entertainment infrastructure project in Mumbai.

The company's board will meet on February 10 to consider a draft memorandum of understanding with Dynamic. It is learnt that both the companies will float a special purpose vehicle for execution of the project.

The first phase of the project is expected to cost $300 million. According to preliminary arrangements, Dynamic will provide land for the project.

GV Films had planned to set up an entertainment village called Digipolis at Panvel in Raigad district of Maharashtra. The company is also eyeing Gujarat and Tamil Nadu to set up theme parks.

GV Films is also seeking to strenghten its presence by acquiring an international media firm. It is in talks with an American media company for exclusive distribution rights.