Indian firm denies WB interest


NEW DELHI -- Leading Indian production company GV Films, based in Chennai, South India, denied a newspaper report Wednesday that Warner Bros. was "close to buying a 10% stake in GV Films for $6.7 million in an attempt to get a foothold in India's bustling film production business."

"GV Films is not in direct negotiations with Warner Bros. or any of their associates for acquiring equity stake in the company. Accordingly, we have also informed the Bombay Stock Exchange," GV Films president, corporate affairs V Subramonian said.

He further dismissed the Economic Times report that Italy's Mondo TV was looking to acquire a 7%-10% equity in GV Films. "This is not true at all," Subramonian said.

GV Films was established in 1989 by G. Venkateswaran, a chartered accountant, and became the first Indian media company to go public.