Percept to form a joint venture with Future group
Entertainment, Media and Communications Company, Percept and Kishore Biyani's Future Group have formed a joint venture (JV) called ‘Bollywood Retail’. The newly formed Bollywood Retail will focus on providing the "Bollywood experience" and "Bollywood merchandising" within the Future Group's retail network.
Percept had earlier set up Bollywood Corporation Pvt. Ltd. to create and own IPR assets in the Bollywood domain. It aimed to provide the complete “Bollywood Experience” including Bollywood Cafes, Walk Throughs, Hall of Fame, Bollywood Museums, Bollywood Theme Park, Merchandising and a host of other experiential offerings for the visitors.
Under the agreement, the JV will independently source Bollywood IPR and software from Percept's Bollywood Corporation and use retail infrastructure of the Future Group.
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.
The first Bollywood Experience Centre is expected to be up and running by Q4-2008.