MUMBAI: Eros International said Wednesday it has exercised its option on the B4U shares and now owns 24 per cent of the worldwide Movies and Music network of B4U channels.

B4U's main shareholders are steel magnate Lakshmi Mittal and Gokul Binani.

Eros also plans to expand into the television broadcasting industry over the next 12 to 18 months through a combination of acquisitions, joint ventures or alliances. The aim is to tap into what is forecast to be a $15 billion segment in India by 2012 with growth propelled by subscription and advertising revenues and the expansion of DTH.

Eros is also considering a domestic listing in India to fund its expansion, particularly within the television broadcasting market. The company is already listed on the Alternative Investment Market (AIM) of the London Stock Exchange.

Commenting on the company's growth plans Eros chairman and CEO Kishore Lulla says, "Eros will pursue continued growth as well as maintain its lead in consolidating this lucrative yet fragmented sector, ensuring the company maintains its market leadership through a combination of alliances, acquisitions and organic investment."

Eros has recently sold a number of Hindi movie titles to B4U Network including yet-to-be released Singh is Kinng, Golmaal Returns and Shortcut Con is On. The other titles sold to B4U are Welcome, The Train and Bhoothnath.

B4U Network runs two channels, B4U Movies and B4U Music.