Compact Disc India to invest Rs 309 cr in animation

Compact Disc India (CDI), an integrated media and entertainment company, today said it will invest $63 million (Rs 309 crore) for animation feature film and multi platform gaming.

The board of directors has approved the budget of $63 million for the animation feature film and multi platform gaming, the company said in a filing to the Bombay Stock Exchange.

The budget also includes the merchandising of a project with former Brazilian football player Pele, the filing said. Recently, the company had announced that Pele (Edison Arantes do Nascimento) will act as an Executive Producer with the company for a soccer-based animation feature film. Further, the company has also received approval from its board for the an expenditure of Rs 92.70 crore for gaming development and publishing project.

The board also approved the proposal to set-up a gaming development and publishing studio in the National Capital Region, the filing said.

Earlier, the company had announced in a filing to the BSE that Laser Infomedia, a company owned by a promoter of CDI, would set-up a developing and publishing gaming software studio in New Delhi in collaboration with Singapore-based Golden Games, in 2008-09.

Further, it would invest at least 50 per cent of the equity capital in Laser Infomedia, the company said. The board also approved a mid-term loan of $10 million (about Rs 47 crore) from iMedia Ventures, it added. Shares of the company closed at Rs 37.75, up 4.14 per cent on the BSE today.