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Universal Studios plans theme park in India

Nithya Subramanian

NEW DELHI, July 4

HOLLYWOOD has finally woken up to Bollywood. After the Bollywood inspired Moulin Rouge set the screens in the West afire, it is now the turn of the Los Angeles-based Universal Studios to set its sights on Indian soil.

The studio is planning to invest over $500 million to set up a theme park in India and is scouting for a joint venture partner.

Industry sources, who were part of the high profile delegation which visited the US along with Information and Broadcasting Minister, Ms Sushma Swaraj, said, ``Universal Studios is keen on investing in India and have indicated that they were open to maki ng investments to the tune of over $500 million.'' Universal Studios has set up theme parks in different parts of the world such as Spain and China and is looking at setting up similar parks in India as well.

Though the Studio has not named any possible joint venture partner or the location of the park, it has received proposals from Indian companies. Sources said that the delegation visited the sound department, theme park and props department of the Studios .

But it is not only Universal Studios which has evinced interest in the Indian market. Sony Pictures has also tried to woo Indian producers by putting its latest special effects facilities on display.

Top Bollywood names such as Mr Yash Chopra, the Barjatiyas and the Johars have been frequenting the studios of London to get their special effects done and Sony Pictures has tried to hawk its ware to the Indian film biggies.

The American Film Marketing Association (AFMA), an organisation which helps independent producers who are not associated with the big studios to market films, has also decided to extend its relationship with India.

AFMA has decided to produce and co-produce films in India and will also market Indian flicks in the US and US movies in India.

Sources said that discussions with the Motion Pictures Association and other top producers in Hollywood has indicated that the Indian entertainment industry has come of age. ``The entertainment and television industry is now being seen in good light and that is good news for the industry,'' said a source.

According to the latest FICCI-Arthur Andersen report, the Indian entertainment industry which includes films, television broadcasting, cable television, TV software, music, radio and live entertainment, stood at Rs 9,973 crore in 2000 and is estimated to grow to Rs 31,362 crore by 2005.