Nagarjuna’s Rs 100 crore film studio in city
Annapurna Studios on Saturday announced that its five new state-of-the-art, 100,000-sq-ft, fully airconditioned shooting floors in Hyderabad will be open soon. The facility is 60 per cent complete. With additional capacities under development and a strategic partnership with global players like Reliance Media Works, SGO, Spain and Light Illusion, UK, under way, Annapurna Studios plans to lure the multi-million dollar movie production business to the state.
The Rs 100-crore investment is the biggest plan so far launched by the company, with Rs 77 crore constituting bank loans. “We hope to reach a Rs 45 crore turnover by 2013,” said Akkineni Nagarjuna, managing director. He explained: “We want to make sure Annapurna Studios is the most favoured destination for film-makers around the globe.”
Annapurna Studios has produced over 40 motion pictures. In the light of the Indian film industry estimated to grow in turnover from Rs 83 billion to Rs 132 billion by 2015, the company’s strategy seems set to meet potential demands. The integrated studio facility will include a non-profit school for film and media, offering a degree course. More than 100 students have been trained in the first year since its creation, and students have found placement in the industry.