Subhash Ghai-led Mukta Arts and Green Gold Animation have signed a Memorandum of Understanding (MOU) to develop and produce animated shows and feature films based on Mukta Arts’ live-action films.
Under the MOU, Mukta Arts and Green Gold Animation will work together to develop multiple animated IPs inspired by films from Mukta Arts’ catalogue, including Kalicharan, Taal, Karz, Hero, Karma, Ram Lakhan, Khalnayak, Saudagar, Iqbal and more, along with character-led spin-offs from these universes.
Creative teams from both the companies have initiated discussions, with the first project currently in development. The first project in works in based on Ghai’s action-thriller film Kalicharan.
Commenting on the collaboration, Mukta Arts founder and filmmaker Ghai said, “Mukta Arts has always believed in creating stories with lasting emotional value. Through animation, we are extending our IP into a new medium for the next generation.”
Green Gold Animation founder and CEO Rajiv Chilaka share, “This partnership with SGM Studios allows us to apply our experience in building long-lasting animation IPs to a truly iconic film catalogue. Together, we aim to create animated worlds that are rooted in these legendary stories, yet designed to connect with today’s young, global audiences.”
Green Gold Animation has created some of the country’s most successful homegrown animation IPs, including the globally popular Chhota Bheem universe. With decades of experience and hundreds of hours of animated content, Green Gold brings deep expertise in building scalable, character-driven franchises for television, OTT and feature films.
As part of its strategic expansion into animation, Mukta Arts launched SGM Animation Studio in 2025 as its dedicated animation and games division. The studio is focused on developing, producing and co-producing animated films, series, comic books and games, leveraging Mukta Arts’ IP library built over four decades, along with creating new original properties rooted in the company’s storytelling legacy.
