Zee Telefilms, Karma Networks has formed a 20:80 joint venture. The company started with an initial equity capital of Rs 10 crores, will focus on two areas - films and news.
The company aims at establishing two distinct businesses of content, while films will be handled by the division Karma Films and the news and features will be handled by Karma News Network (KNN).
While films will be the focus in the first phase of the company's operations, news will begin in the second phase starting, July 2002.
The first feature film is 'Haasil' starring the latest heartthrob Jimi Shergill and Rishita Bhatt. The Rs 4 crore movie is a campus story and the music score is by Jatin-Lalit. The company plans to complete the film in eight months time and have scheduled the release of the film for January 2002.
The company plans to produce two to three films a year on its own at predetermined and moderate budgets with a time frame of less than a year.
On the news front, Karma News Network (KNN) will be the television news agency on the lines of Reuters and the other agencies alike. Karma News Network plans to build a network of stringers and reporters without employing them on fixed salaries and making them work in an entrepreneurial manner.