Vista Media Capital Pte Ltd (VMC), a Singapore based company founded & run by NRIs, which recently raised $100 million through a Nasdaq-listed Special Purpose Acquisition Company, or SPAC, is planning to utilise bulk of the capital in acquisition and production of Indian language movie content, a top executive said.
The company which is currently funding and producing/co-producing 18 films in Hindi, Tamil and Marathi languages is also planning to foray into Bengali and Punjabi languages, the executive said.
It is also looking to acquire a global media & entertainment company either from U.S., Europe or India which would be reversed merged into Vistas Media Acquisition Company (VMAC), the Nasdaq listed entity to fuel its growth, he added.
“The vision for VMC is to be a new-age content company aiming to disrupt the market in various capacities such as production, distribution, film market, awards among others,” Abhayanand Singh, Group CEO, VMC said in an interview.
“India is the biggest film market globally and will remain our focus. This will be our humble contribution to the India media & entertainment space. We will attempt on opening up distribution channels for Indian films in other markets,” he added.
He said their company was founded with the strategic focus of creating Indian content. Its wholly owned subsidiary Golden Ratio Films has produced over 9 films till date including Albert Pinto Ko Gussa Kyu Aata Hai, Bhonsle, Nakkash, AB Aani CD.
It has invested more than ₹100 crore so far in the Indian market and it announced an association with Paa Ranjth for 5 films in Tamil.
It had made an English movie with Dhanush called The Extraordinary Journey of a Fakir and another movie called Son will be released soon.
VMC recently appointed Raj Nayak into its advisory board to fuel its business growth plans in India.
Mr. Singh said $100 million has been raised with an objective to acquire a company in the media and entertainment space. “We are looking for a company [with global capabilities] in the US, Europe and India. This will help us recognise our growth potential in India,” he said.
VMAC which is a blank check company, also commonly referred to as SPAC, commenced trading on The Nasdaq last week. It is formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities in the Global Media and Entertainment sector.