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Lights, camera, investment: From buying movies to co-owning it – Hollywood pushes into Indian cinema – The Times of India
Foreign studios are stepping up their game in India’s entertainment market as cinema revenues recover and streaming platforms grow. According to industry insiders, this marks Hollywood’s “second wave” in the country, with global players now moving beyond just distributing films to actively producing and co-owning Indian-language projects.Amazon MGM Studios has announced plans to release three to four Indian films in theatres each year from 2026, before they appear on Prime Video.
“While our core business is streaming, we believe in the theatrical window and the magic of theatres,” said Nikhil Madhok, head of originals at Prime Video India and Amazon MGM Studios. “Depending on the kind of film that we are producing, we take a joint call with our creators in terms of which project can go to theatres first,” he further told ET.Warner Bros. Pictures is teaming up with Bhanushali Studios and JOAT Films in a five film deal, to develop Indian adaptations of classic Warner titles. Under the agreement, Warner will provide intellectual property and global distribution support, while the Indian studios will lead creative and production decisions.Meanwhile, Universal Studios, part of Comcast, is reportedly planning an indoor theme park near Delhi. The studio has also held early discussions with Excel Entertainment, founded by Farhan Akhtar and Ritesh Sidhwani, about a potential partnership, though nothing has been finalised.“Global studios are renewing their focus on Indian cinema, moving from distribution to local production,” Nitin Menon, managing partner at NV Capital told ET. “Amazon MGM’s Superboys of Malegaon, Nishaanchi and Mirzapur mark a shift toward theatrical storytelling. Warner Bros.’ partnership, coinciding with Paramount’s potential acquisition, could unlock capital for deeper expansion. Universal may follow with co-productions as Hollywood recalibrates its India playbook. Theatres are back in focus, though Netflix remains committed to digital-only releases.”According to Ormax, India’s box office collections for 2025 have reached ₹9,409 crore as of September, up 18% from last year. The country also has 601 million OTT users, including 148 million paying subscribers.After pandemic lows, multiplex attendance and ticket sales are rising across languages. Streaming continues to grow, creating a twofold revenue model for films: theatrical runs plus digital licensing. For studios, local productions also allow them to create intellectual property that can generate music, merchandising, and streaming revenue globally.“Hollywood’s second wave in India is about reducing risk, not planting flags,” said Adi Tiwary, a Sydney-based producer. Tiwary further told ET, “The trend is to build with Indian partners, use library IP to de-risk, and let theatrical and streaming work in tandem. Hollywood has learned that India rewards local muscle and disciplined windowing.”Neeraj Vyas, CEO of Bhanushali Studios, added, “They’re re-entering cautiously, focusing on mid-budget, locally rooted films rather than big productions. With cost rationalisation underway in the US, it’s about testing the waters and understanding audience shifts.”10 years ago, Hollywood studios largely operated in India through distribution deals, buying completed films for high guarantees. However, today global players are co-developing stories and co-owning intellectual property, aiming to build franchises that can be marketed worldwide.“The foreign studio model has matured from buying content to co-owning it,” said Suniel Wadhwa, co-founder of Karmic Films.
Business
US denies Iranian report warship was struck by missiles
It comes as the US said on Monday it will begin to help “guide” vessels out of the Strait of Hormuz.
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Heineken plans huge investment in hundreds of UK pubs ahead of World Cup
Heineken has revealed plans to invest more than £44 million into improvements for hundreds of its UK pubs.
The Dutch brewing giant said the cash injection into its Star Pubs operation, which runs 2,350 sites across the UK, will create around 850 jobs.
The major investment plan comes despite a challenging backdrop for the pub sector.
Pubs have come under pressure from rising labour costs and increases to national insurance contributions over the past year, while consumer spending has also come under pressure with concerns over inflation and rising unemployment.
However, pubs received additional business rates support from the Government from last month to help ease their cost pressures.
Lawson Mountstevens, Star Pubs’ managing director, said the company’s investment plan is partly aimed at boosting revenues to help the group cope with the recent “sustained increases in running costs”.
The plans will see the business invest £44.5 million this year into upgrades for 647 of its pubs.
It said 108 of its venues will see particularly significant cash injections, with these all set for transformations costing at least £145,000.
Heineken said the majority of pubs are owned by the group but independently operated by locals, with sports-focused venues an emphasis for investment in the run-up to the 2026 football World Cup.
The pub firm and brewer said it has pumped £328 million into British pubs since 2018.
It has already started work in 52 locations, including eight projects where it is reopening boarded-up pubs which have suffered from lengthy closures.
Mr Mountstevens urged the Government to reduce the tax burden on pubs to help ease the cost burden and support more job creation in the industry.
He said: “We can only do so much; the root-and-branch reform of business rates that the industry has been calling for over many years is urgently required, as well as a lowering of the burden of taxation on pubs, including VAT and beer duty.
“We are calling on the Government to support us in bringing out the best in the Great British pub.”
Business
NCLAT dismisses Vedanta’s plea against Adani’s Jaiprakash bid – The Times of India
A company law appeals court on Monday rejected a challenge by mining billionaire Anil Agarwal’s Vedanta Ltd to the winning bid by Gautam Adani’s group for bankrupt real estate firm Jaiprakash Associates Ltd (JAL), whose assets include India’s only Formula One circuit. The National Company Law Appellate Tribunal (NCLAT) did not find merit in the issues raised by Vedanta and dismissed its two petitions. A Bench comprising Chairperson Justice (retired) Ashok Bhushan and Technical Member Barun Mitra held that the Committee of Creditors (CoC) were right in preferring Adani Group’s Rs 14,535 crore bid over Vedanta’s resolution plan for JAL. That decision was approved by the National Company Law Tribunal (NCLT), against which Vedanta went into an appeal in NCLAT. “No grounds have been made out by the appellant (Vedanta) to interfere with the decision of the adjudicating Authority (NCLT),” NCLAT order said. “There is no merit in the appeal. Both appeals are dismissed. There shall be no orders to pass.” NCLAT said the decision of the Committee of Creditors was based on “overall consideration of the respective resolution plan and was taken in its commercial wisdom,” said the appellate tribunal. JAL was admitted for insolvency proceedings in June 2024 after it failed to pay bank dues exceeding Rs 57,000 crore. The resolution process drew 28 expressions of interest, with six final bidders including Vedanta, Adani Enterprises and others. Adani and Vedanta emerged as frontrunners, with Adani’s proposal scoring higher on upfront recovery and overall value. The CoC approved Adani’s plan in November 2025 with a 93.81 per cent vote. Vedanta later submitted a revised offer, valued at Rs 16,070 crore, but creditors declined to consider it, citing rules barring post-deadline changes. Vedanta argued the process lacked transparency and that its revised bid offered superior value. Creditors countered that the revised proposal was submitted only after Vedanta became aware it was trailing the winning bid. The appellate tribunal had earlier declined to stay implementation of Adani’s plan, a decision subsequently upheld by the Supreme Court, which directed an expedited hearing while requiring key implementation decisions to receive tribunal approval. Monday’s ruling clears the way for Adani’s takeover of JAL unless Vedanta challenges it in the Supreme Court. In its order, NCLAT also said there has been “no material irregularity committed by Resolution Professional while conducting the plan resolution process.” NCLAT also dismissed Vedanta’s plea, where it had questioned the evaluation metrics adopted and had said its bid was Rs 3,400 crore higher in gross value terms and roughly Rs 500 crore more in net present value compared to the Adani Group’s bid. Rejecting this, NCLAT said “decision of CoC not approving the resolution plan of the appellant with a higher plan value of Rs 3,400 crores and NPV of Rs 500 crore as compared to plan of respondent No 3 (Adani) cannot be said to be arbitrary or perverse.” On March 17, the NCLT, Allahabad bench, approved Adani Enterprises Ltd’s Rs 14,535-crore bid to acquire JAL through the insolvency process. This was challenged by Vedanta before the appellate tribunal NCLAT. On April 23, the insolvency appellate tribunal had concluded its hearing after hearing the petitioner Vedanta and respondents, including the Resolution Professional, Committee of Creditors (CoC) and Adani Enterprises. Vedanta has questioned the evaluation metrics adopted by lenders of JAL, which had selected the lower bid of Rs 3,400 crore from Adani Enterprises for the debt-ridden company and questioned the commercial wisdom of CoC. Earlier, on March 24, NCLAT declined any interim stay over the Vedanta Group’s plea against the order passed by the NCLT approving Rs 14,535-crore bid by the Adani Group for acquiring JAL. However, it had also said the plan would be subject to the outcome of the appeals filed by the Anil Agarwal-led Vedanta Group. This interim order by NCLAT was challenged before the Supreme Court, which also declined to grant a stay. However, the apex court had directed that if the monitoring committee planned to take any major policy decision, it should first obtain the Tribunal’s sanction. Adani Enterprises had outbid Vedanta and Dalmia Bharat to win the bid for JAL. Adani got the maximum 89 per cent votes from creditors, followed by Dalmia Cement (Bharat), and Vedanta Group. The CoC defended its decision, saying the process complied with all Insolvency and Bankruptcy Code (IBC) rules. They maintained that no bidder has a guaranteed right to win, even if it offers the highest value. They said plans were evaluated on multiple factors, including upfront cash, feasibility, and execution, not just headline value. JAL, which has high-quality assets and business interests spanning real estate, cement manufacturing, hospitality, power and engineering & construction, was admitted to the CIRP in June 2024 after it defaulted on payments of loans aggregating Rs 57,185 crore. JAL has major real estate projects like Jaypee Greens in Greater Noida, a part of Jaypee Greens Wishtown in Noida (both on the outskirts of the national capital), and the Jaypee International Sports City, located near the upcoming Jewar International Airport. It also has three commercial/industrial office spaces in Delhi-NCR, while its hotel division has five properties in Delhi-NCR, Mussoorie, and Agra. JAL has four cement plants in Madhya Pradesh and Uttar Pradesh, and a few leased limestone mines in Madhya Pradesh. It also has investments in subsidiaries, including Jaiprakash Power Ventures Ltd, Yamuna Expressway Tolling Ltd, Jaypee Infrastructure Development Ltd, and several other companies.
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