Latest news with #PrimeFocusGroup
Yahoo
04-05-2025
- Entertainment
- Yahoo
India's Godrej Fund Management Signs $236 Million Studio Deal With Maharashtra Government at WAVES Summit
India's Godrej Fund Management has inked a landmark agreement with the Maharashtra government that promises to inject fresh vigor into India's booming content creation ecosystem. The memorandum of understanding, signed with Maharashtra Chief Minister Devendra Fadnavis at the World Audio Visual & Entertainment Summit (WAVES) conference in Mumbai, outlines plans for a cutting-edge film, television and media campus at Godrej City, Panvel. Mumbai, the capital of the western Indian state of Maharashtra, is home to the Hindi-language Bollywood film industry. More from Variety Prime Focus Group Inks $400 Million Deal for Mumbai Entertainment Hub Indian Content Veterans Unite to Form Madlab Alpha, Target 'Bold' Storytelling (EXCLUSIVE) Shaji N. Karun, Indian Filmmaker of Cannes Selections 'Piravi,' 'Swaham' and 'Vanaprastham,' Dies at 73 The project carries a total investment tag of INR20 billion (approximately $236 million) and is projected to generate employment for about 2,500 professionals across various disciplines. Phase one alone will see an investment of roughly $59 million on a sprawling 10-acre parcel. This is the second major infrastructure deal signed with the Maharashtra government during WAVES, after the $400 million entertainment hub deal with Prime Focus Group. The development is strategically positioned at Godrej City, a self-sustaining township spread across approximately 145 acres, featuring a 30-acre, 9-hole golf course. The location offers prime connectivity advantages, sitting a short drive from the upcoming Navi Mumbai International Airport and the Mumbai-Pune Expressway. The recently operational Atal Setu (Mumbai Trans Harbour Link) further enhances accessibility to South Mumbai. In what could be a significant boost to India's position as one of the world's largest content producers, the campus will house AA studios, designed as a creative nucleus for artists, musicians, and filmmakers. The facility is expected to align with the government of India's recent incentive policy for foreign film productions, potentially attracting international projects to Indian shores. Under the agreement terms, the Maharashtra government will streamline necessary permissions, registrations, approvals, and fiscal incentives from related state departments for the development of the campus. The development is being designed with future-readiness in mind, with leading international experts engaged to create facilities equipped with cutting-edge technologies, including AI integration. Beyond direct employment in content production, the project is expected to stimulate growth in hospitality, technical services, and tourism sectors while boosting foreign exchange earnings. 'This initiative marks a meaningful partnership with the government of Maharashtra to foster innovation, creativity, and employment,' said Karan Bolaria, MD & CEO of Godrej Fund Management. 'Aligned with the Mumbai 3.0 vision, we aim to build a vibrant ecosystem that attracts global talent, empowers local creators, and positions Panvel as a cultural and commercial hub.' Godrej is one of India's most storied conglomerates. Its real estate investment arm, Godrej Fund Management, has rapidly emerged as a major player in India's institutional-grade property market, steering marquee developments across Mumbai, Bengaluru and Delhi in partnership with global investors. Best of Variety Oscars Predictions 2026: 'Sinners' Becomes Early Contender Ahead of Cannes Film Festival New Movies Out Now in Theaters: What to See This Week What's Coming to Netflix in May 2025 Sign in to access your portfolio
Business Mayor
02-05-2025
- Business
- Business Mayor
Prime Focus to set up global entertainment destination in Mumbai with Rs 3,000 crore investment
Prime Focus Group, a leading independent integrated media services powerhouse, in collaboration with the Government of Maharashtra, said it will develop a new global entertainment destination at the heart of India's filmmaking industry in project includes a proposed investment of Rs 3000 crore to create the world's most technologically advanced and digitally connected content creation ecosystem. This ambitious development will position Mumbai as a global hub for content creators and entertainment enthusiasts, while also serving as a magnet for both domestic and international tourism. Designed as a multi-year initiative, the new hub will feature world-class production studios equipped with state-of-the-art digital infrastructure to support high-end content creation. It will also offer live entertainment facilities, theme parks, and immersive experience centres. In addition to its entertainment offerings, the destination will include lifestyle components such as shopping and dining areas, luxury hotels, and residential accommodations. The investment is expected to create thousands of highly skilled jobs and support the development of a sustainable, modern infrastructure. Prime Focus, established in 1997 by founder Namit Malhotra and listed on both the National and Bombay Stock Exchanges of India, is the parent company of the Prime Focus Group. The Group includes eight-time Academy Award-winning visual effects and animation company DNEG, AI technology company BRAHMA, and content financing and production company Prime Focus Studios. The Group already owns and operates one of Asia's largest production facilities in Mumbai, which includes eight Hollywood-designed soundstages within a 200,000 square foot studio complex. Its post-production facilities, including DNEG Mumbai, are located on the initiative, Devendra Fadnavis, Chief Minister of Maharashtra, stated: 'Growth, infrastructure development, and a sustainable future are all vital to the development of Maharashtra. As we continue to lead the way in massive infrastructure projects—including the Mumbai-Ahmedabad bullet train, the coastal road, and the Vadhvan Port—I am glad to add the creation of this next-generation entertainment hub to the list of projects that are transforming our state, keeping us at the forefront of India's growth and development. I look forward to working with Prime Focus and DNEG to create a world-class production and tourism destination, securing Mumbai's position as a filmmaking and entertainment centre of excellence.'Prime Focus Group Founder Namit Malhotra added, 'My vision for this development, which is shared by the Honourable Chief Minister Mr. Devendra Fadnavis, is to honour the 100+ year legacy of our world-renowned movie industry by bringing together the combined might of the Prime Focus Group companies—including DNEG's Oscar-winning creativity, Brahma's AI technology, and Prime Focus Studios' financing and production capabilities—to build the world's most advanced and innovative centre of excellence for the creation of content, right at the heart of our filmmaking heritage, here in Mumbai.'
Business Standard
02-05-2025
- Business
- Business Standard
Prime Focus signs MoU with Govt. of Maharashtra
To invest Rs 3,000 cr in development of a new global entertainment destination in Mumbai Prime Focus Group announced today that it has entered into an Memorandum Of Understanding with the Government of Maharashtra to develop a new global entertainment destination at the heart of India's filmmaking industry in Mumbai. The Memorandum Of Understanding proposes an investment of Rs 3000 crore (approximately $400m USD) in the development of a new entertainment ecosystem, creating a unique destination for content creators, tourists, and fans of entertainment from all over the world, and creating thousands of highly skilled jobs in the region. The Prime Focus Group already owns and operates one of Asia's largest production facilities in Mumbai, including eight Hollywood-designed soundstages in a 200,000 square foot studio complex. The Group's post-production facilities, including its DNEG Mumbai studio, are located nearby.
Time of India
02-05-2025
- Business
- Time of India
Prime Focus to set up global entertainment destination in Mumbai with Rs 3,000 crore investment
Prime Focus Group , a leading independent integrated media services powerhouse, in collaboration with the Government of Maharashtra, said it will develop a new global entertainment destination at the heart of India's filmmaking industry in Mumbai. #Pahalgam Terrorist Attack Pakistan reopens Attari-Wagah border to allow stranded citizens in India to return Key Jammu & Kashmir reservoirs' flushing to begin soon Air India sees Pakistan airspace ban costing it $600 mn over 12 months The project includes a proposed investment of Rs 3000 crore to create the world's most technologically advanced and digitally connected content creation ecosystem . This ambitious development will position Mumbai as a global hub for content creators and entertainment enthusiasts, while also serving as a magnet for both domestic and international tourism. Designed as a multi-year initiative, the new hub will feature world-class production studios equipped with state-of-the-art digital infrastructure to support high-end content creation. It will also offer live entertainment facilities, theme parks, and immersive experience centres. In addition to its entertainment offerings, the destination will include lifestyle components such as shopping and dining areas, luxury hotels, and residential accommodations. The investment is expected to create thousands of highly skilled jobs and support the development of a sustainable, modern infrastructure. Prime Focus, established in 1997 by founder Namit Malhotra and listed on both the National and Bombay Stock Exchanges of India, is the parent company of the Prime Focus Group. The Group includes eight-time Academy Award-winning visual effects and animation company DNEG, AI technology company BRAHMA, and content financing and production company Prime Focus Studios . Live Events The Group already owns and operates one of Asia's largest production facilities in Mumbai, which includes eight Hollywood-designed soundstages within a 200,000 square foot studio complex. Its post-production facilities, including DNEG Mumbai, are located nearby. Commenting on the initiative, Devendra Fadnavis, Chief Minister of Maharashtra, stated: 'Growth, infrastructure development, and a sustainable future are all vital to the development of Maharashtra. As we continue to lead the way in massive infrastructure projects—including the Mumbai-Ahmedabad bullet train, the coastal road, and the Vadhvan Port—I am glad to add the creation of this next-generation entertainment hub to the list of projects that are transforming our state, keeping us at the forefront of India's growth and development. I look forward to working with Prime Focus and DNEG to create a world-class production and tourism destination, securing Mumbai's position as a filmmaking and entertainment centre of excellence.' Prime Focus Group Founder Namit Malhotra added, 'My vision for this development, which is shared by the Honourable Chief Minister Mr. Devendra Fadnavis, is to honour the 100+ year legacy of our world-renowned movie industry by bringing together the combined might of the Prime Focus Group companies—including DNEG's Oscar-winning creativity, Brahma's AI technology, and Prime Focus Studios' financing and production capabilities—to build the world's most advanced and innovative centre of excellence for the creation of content, right at the heart of our filmmaking heritage, here in Mumbai.'
