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HindustanTimes Wed,01 Oct 2014

Red Chillies aims at 25 per cent annual growth

PTI  Kolkata, April 02, 2013
First Published: 12:02 IST(2/4/2013) | Last Updated: 12:04 IST(2/4/2013)

After reaching a break-even stagelast year, the Shah Rukh Khan-owned Red Chillies Entertainment is hoping for a 25 per cent annual growth rate.

The company's CEO Venky Mysore told reporters here that they had achieved break even in March last year and as a company they are hoping to grow by 25 percent year on year.

Besides making and distributing movies, Red Chillies also has a little over 50 percent stake in the IPL franchise Kolkata Knight Riders (KKR).

Having already roped in major brands for KKR like Nokia, Reebok, Dish TV, Pepsi, etc, Venky said they are trying to tie up with more local companies in Kolkata.

"We are tyring to tie up with local brands as well to deepen our relationship with the city," he said.

Asked to clarify on tax benefits given to KKR by the West Bengal government, Venky said they have got some relief in entertainment taxes.

"For every ticket priced upwards of Rs. 500 there was an entertainment tax. After our request the government has increased that limit to Rs. 1000," he said.

Shahrukh, who co-owns the team, is also the brand ambassador of West Bengal.

KKR has not changed the price of tickets for any of the matches as almost all tickets for the opening game against Delhi Daredevils at the Eden Gardens on Wednesday are sold out, Venky said.

Asked whether the strict stand of the Tamil Nadu government of not allowing any Sri Lankan player to play in Chennai would affect the team, Venky said they would not be affected much as they have only one such player - Sachithra Senanayake.

"But it is a bit unfortunate. It is not an ideal situation," he said.

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