Balaji Telefilms has confirmed that its subsidiaries Bolt Media and Balaji Motion Pictures will be absorbed into the parent company. Balaji Motion Pictures couldn’t do any decent business in 2016 due to the failures of Azhar, Great grand Masti and A Flying Jatt. Owing to these aspects, the company took this decision. Balaji Telefilms will now focus on distribution rather than production.
Group CEO, Mr. Sameer Nair said in a statement yesterday, “We are committed to improving margins and profitability and consolidation of our operations is a step in that direction leading to a better value creation for all our shareholders. This will also ensure more efficient use of senior management’s bandwidth, thereby allowing more time to focus on ALT Digital, our digital foray which is set to redefine the entertainment viewing experience of Indians in India and across the globe.”
Ekta Kapoor, Joint Managing Director, said, “We are happy to receive approval from the Board of Directors for the scheme of demerger of BMPL and merger of BOLT. This will help us to focus more efficiently on content creation capabilities across the genres and formats.”