SPV incorporated for Hyderabad animation, gaming cityJune 14th, 2008 - 3:17 pm ICT by IANS
Hyderabad, June 14 (IANS) Preparations are on in full swing to set up an Animation and Gaming City near here. The government has incorporated a special purpose vehicle (SPV) - Hyderabad Digital Media City - for this. The SPV, under a public private partnership model, will have representatives of the government, and animation, gaming, visual effects and digital entertainment sectors.
Officials of the information technology and communication department said a total of 41 animation and gaming companies have shown expression of interest to be part of the SPV.
The IT and communications department, the Hyderabad Urban Development Authority (HUDA) and the Indian School of Business (ISB) will hold 26 percent equity in the form of land cost and their representatives will be directors and shareholders in the SPV.
The animation and gaming city is coming up on 100 acres of land at Sultanpur on the city’s outskirts.
Billed as India’s first such facility, it will have animation companies, film production houses, music and television studios, and an entertainment complex.
While 20 acres of land has been earmarked for construction of buildings for providing office space, incubation centre and common amenities for housing animation and gaming firms, 20 acres are for an animation academy. Officials said 60 acres have been earmarked for future growth.
The state government has joined hands with a consortium of animation and gaming firms and production houses for the project. The government and the consortium, comprising FX Labs, Suresh Productions, DQ Entertainment and Gemini TV, will also set up the animation academy.
The project is expected to encourage the growth of the animation, gaming, television, film, multi-media, radio, music and new media industries. The SPV would make efforts to woo world majors to take part in the project.
The project is likely to make Hyderabad the hub of digital entertainment in the country and spur the kind of growth witnessed in the last decade in Hitec City, the IT district that houses several software giants.
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