Amitabh Bachchan is all set to revive his beleaguered company AB Corp (formerly ABCL).
As a first step, the company has paid up 90 per cent of its debts estimated at Rs 80 crore (Rs 800 million).
Rajesh Yadav, acting chief financial officer of AB Corp, said, "Yes, we will soon be a debt-free company. We are in talks with creditors for early final settlement."
The current equity base of the company stands at Rs 46 crore (Rs 460 million). Once the debts are cleared, company officials hope AB Corp will come out of the Board of Industrial and Financial Reconstruction net.
BIFR declared the firm sick on March 22, 1999, as some movie projects flopped and a foray into the beauty pageant business bombed.
The company will re-organise and re-launch its movie production business and also evaluate the option of tapping the capital markets.
AB Corp plans to produce a big-budget film that will feature Amitabh and son Abhishek. It will go on floor by July end and is expected to be directed either by Raj Kumar Santoshi or Rakesh Mehra.
The company also intends to produce a few small-budget flicks. The company's last big-budget production was Aks, directed by Rakesh Mehra and starring Amitabh Bachchan, Manoj Bajpai, Raveena Tandon and Nandita Das.