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Export-Import
Bank of India (Exim Bank) is for the first time funding an
animation film project. It has agreed to lend $7 million to
crest Animation Studios Ltd which has signed a three-picture
co-production and co-financing agreement with Lions Gate Entertainment.
While
$5 million will be to fund Crest Animation's Indian outfit,
Exim Bank is willing to sanction another $2 million in the
US subsidiary company, RichCrest Animation.
"We have acquired the rights for Sylvester and Magic
Pebble and Alpha & Omega through an SPV between
Richcrest Animation and Lion's Gate. Work has begun on Sylvester
and Magic Pebble and there shall be a fund requirement
of roughly US$20 Million over the next two years for these
projects. While we have already announced an FCCB of US$12
Million, EXIM bank has agreed to lend US$7Million" a
Crest Official shared with Animation 'xpress.
"This
will be our first financing for an animation movie project.
We have agreed to fund Crest Animation Studios as well as
its wholly owned subsidiary company in the US. Crest has tied
up with Lions Gate Entertainment which is a leading distributor
in the world. Besides, the company has a completion bond in
place," Exim Bank general manager Mathew John told Animation
'xpress sister concern Indiantelevision.com.
Of
the three movie projects with Lions Gate Entertainment, the
first to kick off is Sylvester and the Magic Pebble
which is based on the Caldecott medal-winning story by William
Steig, the creator of the blockbuster Shrek. The pre-production
work on the movie is near completion, and the production plan
is as per schedule for 2008 release.
"Our
funding to Crest will be for the first movie," said John.
Exim
Bank has been funding Hindi movie projects which have a potential
to earn foreign currency revenues in the overseas market.
It has financed nine movies so far to the tune of Rs 580 million.
This includes Rs 400 million to noted filmmaker Yash Chopra
for movies like Veer Zaara, Hum Tum, Bunty Aur Babli and Dum.
"We have also lent Rs 100 million for Don and Rs 80 million
for Mangal Pandey - The Rising," he added.
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