Compact Disc approves raising $38.5 mn

Televisionpoint.com Correspondent | Mumbai
Compact Disc India (CDI), a integrated media and entertainment company, has approved raising $ 38.75 million from foreign banks to fund two of its international movie projects.

The two movies are Soccer, a $ 20.15 million 3D animation movie starring Soccer Star Ronaldo, and Eternal Love, a $ 15.70 million movie based on a true love story revolving around Taj Mahal.

CDI expects to raise another $ 30 million to fund a live-action World War II-based movie titled Playing with the Enemy.

"The Board has approved the terms and conditions; the money will be released in 15-20 days. We expect $30 million from another bank in a week." said Suresh Kumar, Chairman, CDI.

The funding will be sufficient to cover two animation film projects, under production by the company's foreign arm, Media One Ventures.

CDI is currently working on 2D and 3D animation projects, outsourced by international clients, worth US $65.80 million. Media One Ventures is also producing Guru of Sex, based on the life of controversial Indian Guru, Rajneesh.

Kumar also said the bank will lend another Rs 25 crores for the firm's upcoming animation studio at Thiruvananthapuram special economic zone.