The JV will invest Rs 50 crore in the operations initially and open in 8-10 cities including Hyderabad, Ahmedabad, Kolkata, Bangalore, Indore, Jaipur, Pune, Delhi and Mumbai and other cities in the next phase.
Recently Indivision, the private equity arm of Future Capital, Future Group's financial arm, picked up 10 per cent in Percept for nearly Rs 65 crore. The deal valued Percept at around Rs 650 crore.
The investment is supposed to provide significant synergies to the Future Group, which has a large advertisement budget and aligns well with group's businesses such as Future Media, which has interests in media and advertising.
Percept had earlier set up Bollywood Corporation Private Limited, to create and own Intellectual Property Rights (IPR) assets revolving around Bollywood theme. These included bollywood cafes, walk throughs, hall of fame, bollywood museums, bollywood theme park and merchandising among others.
The new joint venture will source bollywood IPR and software from Percept's Bollywood Corporation and use retail infrastructure from the Future Group, a release from Percept said.
Commenting on the JV, Kishore Biyani, Group CEO, Future Group , said "Through this partnership with Percept we hope to bring a unique touch and feel of the Bollywood experience to the consumer".
Said Shailendra Singh, Joint Managing Director, Percept Limited, "Bollywood merchandize is just the first of many things to result from this partnership. The target audience has clearly been demarcated and while we will cater to both international and domestic markets, we will look at a 70:30 ratio in terms of target marketing. We will use Future Group's expertise in the Retail business to market and leverage Bollywood Merchandizing".
