Prime Focus stated on Friday that it will invest Rs 3,000 crore to create a “film city” that would house a whole entertainment industry.
On the sidelines of the present WAVES 2025 event here, the entertainment firm, which is listed on the BSE, and the Maharashtra government inked a memorandum of understanding to build the facility, which might create up to 2,500 jobs. The film city would be built on 200 acres of land within the financial capital that the state government has promised to provide, the company’s founder, Namit Malhotra, told PTI.
Malhotra stated that the state government has two or three alternatives, but he did not reveal the precise site of the facility. The state government already operates a film city in the financial capital, which mostly consists of post-production and film production studios as well as talent development facilities.
Families can spend months at Prime Focus’ film city, which will feature hotels, residential lodging options, and an amusement park with a Ramayana theme. According to Malhotra, the corporation currently has 10,000 employees, 7,000 of whom are located in the nation, and the film city will result in more jobs.
The facility’s groundbreaking is anticipated to take place this year, and the business will also approach investors to raise funds. Additionally, Godrej Fund Management and Investment Advisers announced a two-phase investment of Rs 2,000 crore to construct a studio in the Panvel suburbs, which, when completed, will employ 2,500 people by 2030.
The project’s first phase, which is anticipated to begin by 2027, will receive an investment of Rs 500 crore from the real estate private equity group. The second phase, which is anticipated to be completed by 2030, would receive an additional investment of Rs 1,500 crore.
Both projects will benefit the state’s economy, according to Maharashtra Chief Minister Devendra Fadnavis, who attended the signing of the Memorandum of Understanding. In addition to these two, Fadnavis declared that the state intends to establish an educational centre in the area known as “third Mumbai,” where York University in the United Kingdom and the University of Western Australia would open campuses.
A new index devoted to the media and entertainment industry has been created and named the ‘NSE Waves Index’ by the nation’s biggest stock exchange, NSE. The index will contain 43 scrips from the entertainment and media sectors, which will also be listed on the stock exchange.
Source: Business Standard
