Chhamak Challo (Bebo), the new Sheila? - Page 5

Varada Bhat

Mumbai, July 8

Kites and Raavan may have ended up being damp squibs at the box-office but as far as Bollywood is concerned, the show must go on.

Proof? Shah Rukh Khan's home production Ra.One is all set to create a record, ahead of its release early next year, with Eros reportedly snapping it up for a jaw-dropping Rs 175 crore.

This will be the biggest deal in Bollywood, outstripping the Rs 120-crore Reliance Big Pictures paid for the Hrithik Roshan-starrer Kites, industry officials said.

Ra.One is said to be one of the most ambitious Bollywood projects featuring famous Hollywood technicians and VFX artists. The idea is to take the movie to a new level with "daredevil action sequences and world-class special effects." Shah Rukh Khan is believed to play the role of a super-hero in the film. This science fiction flick also stars Kareena Kapoor and Arjun Rampal. It will be part of Shah Rukh Khan's production banner, Red Chillies Entertainment.

According to industry sources, the deal with Eros may also include funding for the movie and not just outright distribution and marketing. Eros officials did not comment on the deal.

All this is happening at a time when the film industry is going through a major correction phase. Big studios such as the TV 18-promoted Indian Film Company (IFC) and UTV Motion Pictures, which had acquired a handful of movies very early in the production process, are now treading carefully while choosing projects.

Reports doing the rounds suggest that Eros slashed the budget of the Saif Ali Khan-starrer, Agent Vinod to Rs 42 crore in May from the sanctioned budget of Rs 54 crore. After incurring huge losses of Rs 700 crore in 2009, the Hindi film industry continues to bleed with losses in the first half of 2010 estimated at Rs 450 crore. Big budget movies such as Salman Khan's Veer (Rs 100 crore), Prince (Rs 50 crore), Raavan (Rs 110 crore and Kites (Rs 120 crore) only contributed to the mess.

"With such huge budgets, the risks are very high and recovery is very difficult," said a trade analyst.

So, will Ra.One end up being the exception to this gloomy trend? Only time, and a little bit of luck, will tell.