Sajid Nadiadwala to invest Rs.1 bn in TV channel

Mumbai, May 12 (IANS) After acquiring a noteworthy position as a producer in the film industry, Sajid Nadiadwala now ventures into television. He has cracked a deal and acquired 50 percent stake in a high-profile television channel.

His banner Nadiadwala Grandson Entertainment, which gave hits like 'Mujhse Shaadi Karogi' and 'Heyy Babyy', will invest Rs.1 billion in the channel.

Confirming the news, Nadiadwala said: 'This acquisition is an important step from our company towards consolidation in the TV industry. We are confident that this will add immense value to the company and also strengthen our company profile. We have other expansion plans which we will announce shortly.'

'We have created success stories in the romantic comedy genre. But today there is a boom in the market and our new mantra is to diversify and explore business of different genres. Today my company has invested in television, tomorrow it could be the media. The sky is the limit.'

However, he refused to divulge the channel's name.

Nadiadwala's company also plans to acquire as many as 100 single screen theatres in India. In fact his company, along with Jagdev Singh, managing director of Khalsa Motors, has just acquired a theatre in Falna, Rajasthan.

'Yes, we are planning to acquire 5 to 10 single screen theatres in Rajasthan alone. The theatres will be renovated with hi-tech digital sound and picture quality. We will also provide other state- of-the-art facilities in the theatre,' said Singh.

Nadiadwala and Singh's next move is to construct a multiplex called Newplex in Jodhpur.