Sony announces 50.1 per cent equity investment

Chennai, Feb 20 (UNI) The US-based Sony Pictures Imageworks (SPI) today announced 50.1 per cent equity investment in a renowned visual effects and animation studio FrameFlow, which has its production operation in the city.

As part of the deal, FrameFlow was re-christened "Imageworks India" and it would work seamlessly with SPI's main production facility in Culver city, California.

The newly-named entity expects to quadruple its workload in the coming years and deepen its capabilities through investments in infrastructure, technology and training from SPI.

Imageworks India also planned a significant growth in its current talent base of 80 employees. To accommodate anticipated expansion, it would relocate to a larger office in the city with a seating capacity of up to 300.

"We are extremely excited to announce this partnership with Sony Pictures Imageworks, an Academy Award-winning visual effects and animation facility" Hitesh Shah, co-founder of FrameFlow and now the Co-Managing Director of Imageworks India, said after signing an agreement with Jenny Fulle, SPI Executive Vice-President and now the Co-Managing Director of Imageworks India in the presence of Tamil Nadu IT Secretary Chandramouli and STPI Director R Rajalakshmi.

FrameFlow Indian Operation M D Abhaya Kumar said this relationship represents the culmination of our strategic vision to expand and deepen our capabilities through integration with an industry leader like Imageworks.

"We look at this strategic investment as a part of the continuing Indian Success Story -- one that elevates the standing of the whole Indian visual effects and animation industry on the global stage".

Welcoming SPI investments in India, especially in Chennai, Mr Chandramouli wanted Imageworks and SPI to help the State Government in creating Industry ready professionals by suggesting changes and modification in curriculum to suit the needs of the animation industry.

Refusing to disclose the quantum of investment, Ms Jenny said the new entity was expecting a revenue of about 20 million US Dollar in the next three-years.

UNI