Mumbai, May 13 (IANS) Mahindra & Mahindra, one of India's leading automobile manufacturing companies, is diversifying into the entertainment media.

Though the company is yet to make the formal announcement about its media foray, it is learnt to havwe created a Rs.200 million ($5 million) media fund to be invested in movies and television.

To start with, the company's media division is focusing on movies, and reportedly has acquired the world distribution rights of Suneil Shetty-sponsored Popcorn Entertainment's newest venture 'Mumbai Chakachak', starring Rahul Bose, Ayesha Dharker, Vinay Pathak, Mandira Bedi, Cyrus Broacha and Suresh Menon.

The movie is being directed by Sanjay Jha.

The Bollywood buzz has it that Mahindra & Mahindra will co-finance Mansoon Films' 'Buddha', to be produced and directed by Pan Nalin of 'Samsara' fame. It will be made in English.

However, Mansoon Films' office in Mumbai refused to divulge the details of their deal with Mahindra & Mahindra.

The company is also getting into regional movie production and will launch its first Bengali venture 'Shukhno Lanka' (Dry Chilli) shortly with Mithun Chakraborty heading the cast.

Mahindra & Mahindra media division head Indranil Chakraborty said the company would soon make a formal announcement of its enterprise in entertainment media.