Prime Focus (PFL), an end-to-end post production and visual effects service company, has acquired 55 percent stake in VTR Group for USD USD 8.47 million. VTR is a 20 million Euros worth European media service company with over 20 years of post-production and visual effects experience in the UK.
Managing Director Namit Malhotra said the company plans to raise Rs 115 crore through an initial public offering (IPO). The company has already filed its draft red herring prospectus with the Securities and Exchange Board of India (Sebi). Reliance Capital advanced a bridge loan of Rs 35 crore to the company to part finance the UK buy. Malhotra said the company plans to expand by setting up a studio in Hyderabad, with a few more set to come up in the U.S. and Dubai.
Malhotra said the company plans to expand by setting up a studio in Hyderabad, with a few more set to come up in the US and Dubai. The company plans to set up an outsourcing centre for high-end visual effects and animation, besides enhancing its domestic service profile. Once the acquisition takes place, Namit Malhotra will take over as chairman of VTR.
Besides, directors Naresh Malhotra and Rivkaran Chadha will also be inducted in the VTR board as non-executive directors. The company is also looking for acquisitions in the US and is currently exploring opportunities in Los Angeles.
